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Black gold of Greece

30 January 2014 / 14:01:35  GRReporter
2371 reads

The Norwegian company PGS has completed on schedule the full processing of the seismic data obtained in the region of western Greece and southern Crete.

As announced by the Ministry of Environment, the data analysis shows that there are similarities with analogous structures in areas where countries such as Albania and South Italy have already started extracting oil. In other words, the processing of the data shows that Greece is closer to black gold.

According to Minister of Environment, Energy and Climate Change Yiannis Maniatis the interpretation of the data, which will be completed in the coming months, will identify the most attractive areas in terms of oil extraction opportunities.

The high quality data have been already transferred to a database installed and operating for this purpose in the Ministry of Environment (data room) and will be available to oil companies in February. At the same time, similar "data rooms" will start functioning in London, Houston and Oslo.

The database entitled "Greece MegaProject" meets the latest requirements of the international oil industry and includes 12,500 km of new seismic lines, 9,000 km of re-examined existing lines and 9,000 km of additional lines adjusted in compliance with the other data.

Moreover, the official advertising campaign presenting Greece in the oil market will be launched after a few days, with the participation of the Ministry of Environment in the World Congress in Houston (NAPE 2014 4-7 February), in which the country will take part with its own pavilion and reporters. This congress of world significance is held each year, visited by thousands of representatives of oil companies and is the most formal tribune provided to government agencies to present their activities in the exploration and exploitation of oil, the investment opportunities offered by their countries and to talk with senior representatives and experts from the oil industry.

It should be noted that in mid-January BP and Energean concluded a 500 million euro deal for the sale of the total oil produced from the deposits in the region of Prinos to the British company for a period of six years.

 

Tags: OilExplorationBP Energean PGS
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