The Greek Hydrocarbons Management Company (EDEY), now launched, is expected to play a key role in the country’s oil and gas exploration and exploitation aspirations.

The government hopes the new hydrocarbons company, launched in mid-June, will represent Greek interests in exploration and exploitation ventures with strategic partners.

The Greek state has already provided a first installment of 333,333 euros of capital for the newly founded company’s equity capital, totaling one million euros. A futher two capital injections of equal amounts have been planned for 2016 and 2017.

EDEY is also expected to be injected with a further 33 million euros of capital generated by state licensing offered for exploration and exploitation of blocks in the regions of Ioannina, northwestern Greece, Katakolo, western Peloponese, and the Gulf of Patras, also in the country’s west, as well as amounts raised by the state through the sale of seismic survey data for offshore areas in the Ionian Sea and south of Crete.