Greece Set to Awarding Concession Contracts for Hydrocarbon Research

Greece Set to Awarding Concession Contracts for Hydrocarbon Research

The Greek authorities are close to finalizing the process of awarding concession contracts for hydrocarbon research in Western Greece regions, the Athens News Agency-Macedonian Press Agency reported.
The ministry has ironed out all technical-legal problems in talks with the preferred buyers in the project within an open door tender launched in 2012, the news agency said.
The concession contracts cover the regions of Ioannina and Patras Gulf, to be followed by the region of Katakolo. Greece estimates that revenues from the first two regions would add up to 11 billion euro in 25 years.
The estimated reserves in the Patras Gulf are 200 million barrels, in Ioannina they are 50-80 million barrels and Katakolo is estimated to have reserves of 3.0 million barrels.

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