Greece’s data room is ready to welcome investors who are interested in the research and exploitation of hydrocarbons in three offshore areas: Southwest and West of the island of Crete, and the Ionian Sea.
But the doors of the data room will not open until two international tenders for three offshore blocks are published in the Official Journal of the European Union, which Greek officials say they expect any day. The publication was initially expected in September.
All investors who declare an interest in the blocks in these areas will be able to use the data room, where they can access detailed information, such as seismic data, drilling data, and the current legal framework, and all information necessary to formulate an opinion on the prospects of discovering oil and natural gas and of exploiting them.
Based on the data room information, investors will hammer out their final financial offers, which will be evaluated by the Hellenic Hydrocarbons Resources Management (HHRM) company.
If all goes according to plan, it is projected that the evaluation will have been completed in March, 2018, and the final list will be forwarded to the competent Εnvironment and Εnergy Μinister Yorgos Stathakis, for the final approval of the chosen applicants.
Negotiations with investors will follow, in order to conclude the contract terms for exploration and exploitation of the three blocks
The HHRM describes the tenders as follows:
“Three international tenders for the areas Southwest and West of Crete and the Ionian Sea were published in the Journal of the Greek Republic the 11th of August 2017. This publication follows the expression of interest by the consortium Total-ExxonMobil-Helpe for Southwest and West of Crete and by Energean Oil and Gas for the Ionian Sea. The expected announcement by the Official Journal of the European Union will allow other interested companies to submit offers within 90 days from the date of publication of the Invitation for Submission of Offers in the Official Journal of the European Union.”
HHRM President and CEO Yannis Bassias told To Vima: “The HHRM, responding always to its institutional role, has already prepared the infrastructure for the technical and legal information of prospective investors. The work of our team confirmed its members’ high level of technical specialisation. The comprehensiveness of the information is necessary to conduct a successful negotiation, both as regards the working programme of prospective investors, and the economic terms that will be discussed.”