EDEY, the Greek Hydrocarbon Management Company, has prepared a virtual data room set up to offer prospective bidders information on Cretan and Ionian Sea offshore blocks that will soon be offered through international tenders.
Prospective bidders will be permitted access to the data room, containing information on matters such as seismic, drilling and legal issues, as soon as the tender is published in the EU’s official journal, the OJ. Publication is expected soon.
Bidders, who will be charged a 1,000-euro data room entrance fee, will use the information provided to prepare bids for two international tenders offering licenses west and southwest of Crete as well as the Ionian Sea.
Besides a data room for Athens, equivalent rooms have been set up in London, Oslo, Kuala Lumpur and Houston.
Investors will have 90 days to submit their bids once the tenders are officially announced in the OJ. The appraisal period of offers is scheduled to last two months.
Licenses are then expected to be issued within a three-month period. Once approved by a special committee and Parliament, these licenses will offer investors 8-year terms for exploration and 25 years for production.
A consortium comprised of Total, ExxonMobil and ELPE has already declared an interest for blocks west and southwest of Crete. Energean Oil & Gas is interested in the Ionian Sea offerings.