Greece Picks Tie-Ups for Oil, Gas Exploration

Greece Picks Tie-Ups for Oil, Gas Exploration

 Greece’s energy ministry said it has picked two consortia led by Energean Oil and Hellenic Petroleum to search for oil and natural gas in two blocks in the western part of the country,  Reuters reported.

The Energean Oil-led consortium will explore for oil and gas near the town of Ioannina in northwestern Greece while the consortium led by Hellenic Petroleum, Greece's biggest refiner, will explore near the town of Patras, it added.
The ministry said it expects revenues from these two regions to reach about 11 billion euro ($14.2 billion) over the next 25 years.
Athens spends about 10 billion to 12 billion euro annually on oil imports, Reuters said.
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