EDEY, the Greek Hydrocarbon Management Company, is focusing its efforts on promoting the multiple hydrocarbon prospects presented by Greece, currently producing crude at just one field, the company’s recently appointed chairman Yiannis Basias notes in an article appearing in Greek Energy 2017, an annual energypress industry publication.
“Our aim is to revitalize Greece’s oil and gas sectors having first created an organization that possesses deep knowledge on technical, legal and financial aspects concerning the counry’s hydrocarbon sector,” notes Basias, who was appointed head of EDEY last November for a five-year term.
The EDEY head notes that, as part of the effort to build a formidable team, the hydrocarbon company has, since December, 2016, been appointing well-trained young PhDs from Greece and around the world, as well as equally qualified officials made available by Greek ministries.
This staffing procedure has moved swiftly to date and is planned to continue throughout 2017 and 2018, Basias informs, adding that, at present, EDEY maintains a ten-member team possessing the credentials to talk on equal terms with prospective investors.
“We need to create a technical team that knows what we’re looking and negotiating for,” Basias stresses in the Greek Energy 2017 article. “We can’t succeed in negotiations if we do not know what out objectives are. Otherwise, negotiations usually end up being dominated by legal and financial matters.”
The priority at EDEY over the next few months will be to study and promote Greek offshore and onshore locations that have yet to attract the interest of investors, Basias points out.
A total of 17 blocks, still available following a previous Greek hydrocarbon tender, appear to be drawing the interest of major investors, the EDEY chief notes, adding that the discovery of the giant Zohr gas deposit in Egyptian territory by Eni has turned the industry’s attention to the wider east Mediterranean region, including western Greece, where the geological features are believed to be similar.
The area south of Crete is also a key part of EDEY’s wider plans and is generating interest despite complex geological conditions, Basias informs in the article. Subsequently, EDEY has signed a partnership agreement with the Technical University of Crete. It includes a seismic data simulation program concerning west Crete as well as the creation of a hydrocarbon data bank for all of Greece.