EDEY pursuing 3-year plan to draw key hydrocarbon investors

The reprocessing of existing seismic data and accumulation of new data in selected areas, a move aiming to attract petroleum companies, both local and foreign, with experience in hydrocarbon exploration and production, stand as the main objectives set by EDEY, the Greek Hydrocarbon Management Company, for the next three-year period, company officials have stressed.

EDEY, now led by a recently appointed new board, aims to revitalize Greece’s oil and gas sector though the establishment of a skilled team possessing deep knowledge in technical, legal and economic issues concerning the country’s hydrocarbon domains, the company noted in a statement.

As a result, EDEY has already teamed up with scientists and technical officials possessing specialized hydrocarbon exploration and exploitation skills, EDEY noted.

The company also plans to form a think-tank whose line-up will include legal officials with petroleum sector backgrounds as part of an effort to improve Greece’s exisiting legal framework for the hydrocarbon sector.

EDEY plans to sign a new agreement with Norway’s PGS for the collection of additional seismic data in new areas. PGS, supported by France’s Beicip, had previously conducted a seismic survey for EDEY in 2013.

A total of six exploration licenses have been issued in Greece since 2013, primarily for western parts of the country. The additional seisimic data and reprocessing of older data is expected to draw more investors to vacant blocks in the Ionian Sea, south of Crete, as well as onshore expanses in central Greece.