Greece to Launch Major Oil Quest in Early July

Greece to Launch Major Oil Quest in Early July

Greece's government said it will invite oil majors next month to conduct offshore test drillings in a move to develop its untapped hydrocarbon potential.

Several blocks covering a combined area of more than 200,000 square kilometres in the Ionian Sea and south of the island of Crete are expected to be tendered off.

Energy Minister Yannis Maniatis will present the tender and PGS's geological findings at a London conference on July 1-2, the ministry said in a statement.

Greece imports almost all its oil and natural gas and spent 15.6 billion euro ($21.2 billion) to buy foreign fuel last year, about 8.6% of its gross domestic product, the news agency added.

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