• 2 hours Watch for biofuels policy changes ...
  • 4 hours Norway - World's Most Democratic Country! Where is the U.S. on the list?
  • 6 hours EPA's Pruitt cites Bible to justify administration policies
  • 8 hours Syria's Ghouta - Is there Threat Of Genocide? The World Is Silent.
  • 7 hours Majority unlikely to use self-driving cars
  • 9 hours Saudi Arabia's Building a $500 billion Mega-City and Will Run 100% on Renewable
  • 1 day Elon Musk Steps Down From OpenAI Board to Dodge “Potential Future Conflict”
  • 4 hours US shale production dull until someone starts talking shareholder payback
  • 23 hours US admin to kill Energy Star program
  • 2 hours First Oklahoma, Now Kansas Fracking Tied to Earthquakes
  • 8 hours VW Looks At Apple For Electric-Car Design Guidance
  • 7 hours Perovskite Co.'s will they live to the promise?
  • 6 hours Ideas on demand
  • 6 hours HAPPY RIG COUNT DAY!!
  • 9 hours DNA Robots Target Cancer
  • 5 hours Plastic bans to dent oil demand growth-BP
Global Energy Advisory 23rd February 2018

Global Energy Advisory 23rd February 2018

Oil sands production in Canada…

Saudis Advance Nuclear Power Plans

Saudis Advance Nuclear Power Plans

Saudi Arabia is looking to…

Greece Hopes Oil in the Ionian will Help its Economic Recovery

Greece Hopes Oil in the Ionian will Help its Economic Recovery

Greece’s economic problems are well documented around the world, and a major contributor to the economic troubles experienced throughout Europe.  Greece must find a way to reduce their deficit if they have any hope of economic recovery.

Several years ago some basic geological surveys were made in the western seas around Greece to determine the potential for gas and oil reserves. Currently Athens spends between €10 and €20 billion ($13.3-$16 billion) on oil imports each year, this equals about 5% of its GDP. The energy ministry has now decided that increasing the amount of domestically produced oil and gas could greatly help their fiscal situation, and so have started to accept bids for the rights to conduct serious surveys in a 220,000 square kilometre from the Ionian Sea to the island of Crete. So far eight companies have submitted bids. Those companies are; U.S. firm ION Geophysical, Norway's TGS-NOPEC , Dolphin Geophysical and Petroleum Geo-Services and France's CGG Veritas, Spec Partners, Spectrum Geo Ltd and Fugro Multiclient Services.

In order to enable the surveys to take place as soon as possible the Greek government have said they will evaluate the bids and choose up to 3 firms to conduct the search in early April. The work should hopefully only take a couple of months and the seismic data should be ready by autumn and is expected to identify about 15 areas for test drilling.

The energy ministry invited to test for oil on land in the earlier part of this year, with the hope for test drilling to start at the end of the year. So far three blocks have been identified near the towns of Patras and Katakolo which are predicted to hold as much as 250 million barrels of oil.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment
  • dino on June 06 2012 said:
    read this

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News