Bloomberg News

Greece Invites Bids for Oil Exploration Over Three Blocks

January 02, 2012

(Adds minister’s comment in third paragraph.)

Jan. 2 (Bloomberg) -- Greece invited investors to bid to explore for, and then exploit, hydrocarbon reserves in three blocks, two of which are offshore and one onshore.

The three blocks, Patraikos Gulf and Katakolo, located off the western coast, and Ioannina in the northwest of the mainland, are estimated to hold oil reserves of around 250 million barrels, the Athens-based Energy Ministry said in an e- mailed statement today.

The need to reduce Greece’s dependency on imported energy and to secure its energy supply means the country must have “an energy policy that strongly promotes the development of domestic energy sources,” the statement cited Energy and Climate Change Minister George Papaconstantinou as saying.

Investors, who must submit offers by July 2, may bid for rights in more than one block, according to the statement.

--Editors: Colin Keatinge

To contact the reporter on this story: Paul Tugwell in Athens at

To contact the editor responsible for this story: Angela Cullen at

Tim Cook's Reboot
blog comments powered by Disqus