Eight world renowned companies for oil in the Ionian and Crete

The interest of foreign companies with a global reach in carrying out seismic surveys in Greece has been greater than expected. At three in the afternoon, the deadline expired and as it became known, a total of eight large companies specialized in the field of seismic surveys to locate hydrocarbons, with a global presence and experience,  have submitted bids to the Ministry of Environment, Energy and Climate Change to conduct seismic surveys, of non-exclusive use, in the Ionian Sea and the marine area south of Crete.

Application forms, in particular, were submitted by the following companies:

1) TGS-NOPEC GEOPHYSICAL COMPANY ASA

2) DOLPHIN GEOPHYSICAL

3) ION GEOPHYSICAL CORPORATION

4) SPEC PARTNERS LTD

5) CGGVERITAS

6) PETROLEUM GEO-SERVICES (PGS)

7) SPECTRUM GEO LIMITED

8) FUGRO MULTICLIENT SERVICES AS

The evaluation of tenders will be completed by the relevant Committee of the ministry in early April, and will be assigned to the contractor or contractors, who will proceed directly to research and will then interpret the data that will emerge, as the ministry’s goal is to launch International Tenders in 2012 for exploration and utilization in the Ionian Sea and Crete.

Earlier, Deputy Energy Minister Mr. Yannis Maniatis crossed the threshold of the Presidential mansion and briefed the President on developments.

He has estimated that within 15 to 20 years, Greece can provide revenue of 10 to 15 billion US dollars by utilizing domestic oil reserves estimated at 400 to 500 million barrels.

Note that competitions to proceed with drilling in Western Greece have already taken place.

This is specifically for areas in Ioannina, the Patras Gulf and Katakolo, where deposits are estimated to bring in state revenue of 15 to 20 billion dollars, with prices from 80 to 100 dollars per barrel, within the next 20 to 25 years.