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London Event to Showcase Greek Hydrocarbon Blocks

london event-hydrocarbon exploitationThe Greek government is preparing an important showcase, in cooperation with the Greek Embassy in London and the Research Center for Energy Management (RCEM). The event will take place in London on July 1 and 2, and it is entitled “Greece Offshore Licensing Round 2014.” The showcase aims to present the blocks in the Ionian Sea, as well as in the south of Crete, which will be given to oil companies for hydrocarbon exploitation.

More than 500 invitation have been sent out to oil companies and energy groups which could potentially be interested in the blocks. The event is organized by the Greek Environment and Energy Ministry and will be supported by the Greek Energy Forum, the Natural Gas Europe and the ESCP Europe Business School.

Over 100 companies have already agreed to attend the event, while more are expected to express interest within the next week.

Yiannis Maniatis, Greek Energy Minister, and Sofia Stamatakis, president of the Hellenic Hydrocarbon Resources Management (EDEY) and head of the team that organized the event, are set to present the first possible concessions in Greece since 1996.

During the difficult process of defining the block, the officials reported that they had to take  up to 50 different parameters into consideration in regards to sea depth and environmental conditions. These parameters were based on a study conducted by the Center for Planning and Economic Research (KEPE), and they were necessary in order to avoid sensitive areas.

In addition, the team which was in charge of defining the blocks, mentioned that they had to consider whether they aim for the giants of the oil industry or if they would like to appeal to medium size companies. As of this moment, the following companies have expressed interest in the blocks for hydrocarbon exploitation: ConocoPhillips, Statoil, BP, Shell, ExxonMobil, Chevron, Noble, and others.

 

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