Bloomberg News

Greece Sees Oil Rigs in Place by End 2012, Energy Minister Says

January 04, 2012

Jan. 4 (Bloomberg) -- Greece probably will have better estimates of the size of its hydrocarbon reserves by the end of the year, Environment and Energy Minister George Papaconstantinou said.

“We believe that by the end of 2012, we’ll be able to have rigs in place to see the real potential of the country” with regard to hydrocarbon reserves, Papaconstantinou told reporters in Athens today.

Greece on Jan. 2 invited investors to bid to explore and exploit hydrocarbon reserves in three blocks.

Patraikos Gulf and Katakolo, off the western coast, and Ioannina in the northwest of the mainland, may hold about 250 million barrels of oil reserves, the Athens-based Energy Ministry said.

--Editors: James Kraus, Andrew Atkinson

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net


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