Four hydrocarbon contracts ratified by the Greek Parliament

Four lease contracts were ratified yesterday by the Greek Parliament regarding the research and exploitation of hydrocarbons. These contracts concern Mairne Area 2 in the Ionian Sea as well as land areas in Arta-Preveza, Aitoloakarnania and the Northwestern Peloponnese.

Minister of Environent and Energy, Mr George Stathakis commented: “We are proceeding step by step to capitalize on all the existing possibilities in the hydrocarbons sector”. The contracts that have been ratified, have attracted the interest of international energy giants: the French Total and the Italian Edison while ExxonMobil has expressed its interest for research in Crete, a process which is proceeding immediately.

The contract for the concession of Marine Area 2 is considered to be a model agreement for those to follow. The Strategic Environmental Impact Study explicitly excludes Natura sites and provides a safety belt of 1 km from the exploitation fields. In this context, the Ministry has started the acquisition of new seismic data that will gradually allow the redesign of the areas, based on updated figures.

“Greece has fully incorporated the relevant European legislation, which is the most stringent on an international level, with a particular emphasis on Natura Protected Areas,” the Minister added, asserting that none of the contracts provides for the application of the fracking technique.

Closing his address, he stressed that developments over the recent years have allowed us to be confident that Greece, in addition to an important energy hub, could become country that also produces energy, taking advantage of its comparative advantages: its geographic location and the richness of its subsoil.