Hydrocarbon deals for Western Greece regions about to come to fruition

Hellenic officials have almost concluded a process to sign concession contracts for hydrocarbon research in Western Greece.

According to sources from within the Ministery of the Environment, Energy and Climate Change, the ministry has technical and legislative hurdles in negotiations with preferred investors joint ventures since 2012, within the framework of an “open door” tender.

The aforementioned concession contracts include the regions of Ioannina, the Patras Gulf, while Katakolo will follow. Hydrocarbon research had already been carried out back in the 1990's, with very little to no success.

According to official estimates, the reserves in the Patras Gulf alone are 200 million barrels, 50-80 million barrels for Ioannina, and  3.0 million barrels for Katakolo.

The state estimates that revenues from the first two regions alone will total 11 billion euros within a 25 year period.