Bloomberg News

Greece Evaluating Oil Exploration Bids, Papageorgiou Says

September 27, 2012

Greece is evaluating bids to explore and produce oil and gas reserves in three blocks in the west of the country, Deputy Energy Minister Assimakis Papageorgiou said.

“The bids were opened in the middle of this month and are in the process of final evaluation,” Papageorgiou said at a conference yesterday, according to an e-mailed transcript of his comments from the ministry.

Greece received eight bids from 11 companies acting on their own, or as part of ventures, for oil and natural-gas reserves in the Patraikos Gulf and in Katakolo, located off the western coast, and in Ioannina in the northwest of the mainland, the Athens-based Energy Ministry said on July 2.

A venture between Hellenic Petroleum SA (ELPE), Edison International (EIX:US) SpA and Melrose Resources Plc (MRS) made bids for Ioannina and Patraikos, a group comprising Energean Oil & Gas SA, Trajan Oil & Gas Ltd. and Schlumberger Ltd. (SLB:US) bid for rights in Patraikos and Katakolo, while Energean and Schlumberger together with Petra Petroleum Inc. (PTL) bid for Ioannina, the ministry said.

Arctic Hunter Energy Inc. (AHU) and K.O. Enterprises Inc. made a joint bid for Ioannina while Chariot Oil and Gas Ltd. submitted an offer on its own. Grekoil Energy Ventures Ltd. made a solo bid for Katakolo.

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

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net


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Companies Mentioned

  • EIX
    (Edison International)
    • $58.49 USD
    • 0.17
    • 0.29%
  • SLB
    (Schlumberger Ltd)
    • $109.03 USD
    • -0.41
    • -0.38%
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