EDEY budget for the year one of positive expectations

EDEY, the Greek Hydrocarbon Management Company, expects to achieve a budget surplus of 43,000 euros in 2016, restricted by significant recruitment costs planned for the year, expected to reach 780,000 euros for hirings of new personnel.

The company expects revenues in 2016 to total 1.783 million euros. The majority of this, 1.45 million euros, is forecast to be generated by services offered, including contract signings and contract commission fees, while the remaining 333,000 will be provided by grants.

EDEY represents the Greek state in hydrocarbon matters, monitoring the implementation of hydrocarbon exploration and exploitation agreements signed in Greece.

Despite the sector’s adverse conditions that have resulted from the major slide in crude prices over the past year and a half or so, a development that has subdued the higher market expectations cultivated during previous years, EDEY continues to play a key role both as a monitoring agency and in matters concerning sector strategies.

The company oversees licenses signed, or about to be signed, for exploration and expoitation work at blocks around Greece, such as Katakolo, Ioannina, Gulf of Patras, Prinos, and twenty offshore blocks in western Greece and south of Crete.

Besides monitoring current contracts, EDEY is also active in paving the way for future plans. Although activity in the global oil industry has been severely struck by lower crude prices, this is a fluctuating market of ups and downs. The Greek state needs to be fully prepared to act as fast and decisively as possible when the market begins moving again, a prospect that may not be too far away. EDEY’s role is crucial in this department.