The country’s hydrocarbon exploration endeavors will produce surprise results within the next three years, Yiannis Basias, the recently appointed chairman of EDEY, the Greek Hydrocarbon Management Company, has forecast in an interview for local business news channel SBC’s Energy Week show.

The EDEY chief, who reminded that Prinos in northern Greece is the only hydrocarbon source producing at present, noted that exploration work covering a large part of western Greece may have commenced by the end of the year as nine licenses have either already been approved or are about to be approved.

“We could have some good results in the next three years,” Basias remarked, adding that the outcome of drilling ventures will determine whether foreign and Greek firms will decide to further pursue their efforts.

The EDEY chief put the probability of success at between 20 and 25 percent. “Therefore, we need to conduct five drilling operations, which is why the endeavor carries financial risk, as each drilling effort could cost between 50 and 150 million euros,” Basias said.

He pointed out that the offshore areas being eyed are challenging deep-water blocks. “This means that major deposits will need to be discovered to make the effort feasible for oil companies,” the EDEY boss explained.

Major oil companies currently appear interested and prepared to take risks, Basias told, adding that the results of recent private meetings with investors in London were encouraging.

Commenting on a delayed international tender concerning blocks in the Ionian Sea and off Crete, Basias explained that all related requirements were delievered by EDEY last summer and publication is now being awaited in the EU’s official journal, the OJ.

A seven-year period would be needed for production to begin if hydrocarbon deposits are discovered, according to Basias.