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Greece publishes maps for hydrocarbon research in Ionian Sea and off Crete

The Greek Environment and Energy  Ministry published the maps for hydrocarbon research and exploitation rights. The areas are located in the Ionian Sea and off the island of Crete. The map were published on the Government Gazette on Wednesday.

The areas affected are:

Ionian Sea: One plot north of the island of Kefalonia, west of Zakynthos and Corfu

Crete: Two plots in the sea area south-west and west off Crete

According to decision of Minister Giorgos Stathakis, the three maritime plots will be leased with a leasing agreement. A ten-day international tender has been launched, interested parties are invited to submit their offers within three months.

Under the terms of lease contract, the rent will range from a lower limit of 4% on the quantity of the produced hydrocarbons, with payment in cash or in kind.

The lessee is subject to income tax at a rate of 20% and a regional tax of 5%.

The duration of the research phase, divided into three phases, can reach eight years.

Available are data about the seismic activity in an area of 12,348km of new seismic lines covering the northern and central Ionian Sea and the sea area south of Crete. The survey has been conducted by Petroleum Geoservices (PGS) in the time period 2012-2014. More historical data are available.

For the plots off Crete interest was shown by  “Total E&P Greece B.V”, “ExxonMobil Exporation and Production Greece(Crete) B.V” and “Hellenic Petroleum.” Each plot is 20,000 square kilometers.

For the plot in Ionian Sea – 6,671 sq km – Energean Oil & Gas has shown interest.

With the publishing in the official gazette, the international tender kick off.

government gazette decision here via ProtoThema.

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