Two-zone hydrocarbon interest seen as developing

With procedures for an international tender to offer exploration and exploitation rights to twenty sea plots in western Greece and south of Crete expected to begin any day now – as soon as the tender is published in the Official Journal of the European Union – a two-zone interest by investors is seen as developing.

Preliminary processing of seismic data acquired by at least two companies, a prerequisite for taking part in the tender, has shown that the surveys, conducted by PGS, offer far greater detail for western Greece than they do for south of Crete.

The seismic surveys are said to offer greatest detail for the Ionian Sea area between Kefallonia and Zakynthos, considered as being a geological extension of active oil-producing areas belonging to Italy, according to the companies.

Even so, this early information is not expected to subdue investor interest in the areas for which the seismic details are said to be less thorough. Major oil companies, in particular, are expected to pursue an interest.

The number of participants registered for an energy sector conference that begins in Athens this Wednesday is substantial, as has been the case at similar previous events, and other upcoming conferences, all being held to promote the international tender as well as the PGS seismic surveys.

The truest test of all is now imminent as tender participants will need to submit their bids within six months of the tender’s announcement.