Energy Ministry interested in attracting mid-sized and large companies for oil exploration in Ionian Sea and south of Crete

Mid-sized and large firms will need to be drawn into the quest for oil exploration in the Ionian Sea and south of Crete if the effort is going to prove effective, according to top-level officials at the Energy Ministry.

As explained by the ministry sources, the water-depth levels are considerable, and   the size of areas to be explored far broader than previous plots offered. These conditions, the sources noted, apply for most of the twenty sea plots to be offered for exploration through upcoming international tenders. Subsequently, advanced technical capabilities and extensive capital support will be needed for the exploratory drive, requirements which can only be possessed by large and mid-sized firms, the sources continued.

According to the ministry sources, bids that can assure that drilling operations will be swiftly conducted once deals have been signed, will accumulate higher scores during the tender’s evaluation stage.