EDEY, the Greek Hydrocarbon Management Company, plans to forward, to the energy ministry, a study evaluating details of contracts for three hydrocarbon licenses in the Ionian Sea and off Crete between late April to early May, energypress sources have informed.

Early in March, two consortiums submitted bids for three blocks to international tenders. Total-ExxonMobil-ELPE (Hellenic Petroleum) submitted offers for two blocks west and southwest of Crete. Repsol-ELPE made an offer for the Ionian Sea block.

The EDEY study is focused on technical, legal and financial aspects of the contracts prepared. It is a mandatory step before the participants may be declared prefered bidders.

Once the green light is given, the Greek State will be able to commence licensing negotiations with the consortiums. The aim is to finalize procedures within the next few months, which will clear the way for investments and exploration work.

Both the Greek government and local hydrocarbon sector are placing great emphasis on this specific effort as the interest expressed by ExonMobil, Total and Repsol has raised hopes of potential hydrocarbon discoveries.