Saturday, November 10, 2012

Greece starts searching oil

Greece starts searching oil
As warned, the Greek government gave the first licence for oil research in their part of the sea. The Greek Ministry of Economy, Construction and Development in Greece announced that on 11 November 2012 will start the official oil researches in the Greek maritime territory in Northern Ion and Southern Crete.

The researches will continue for three months and the Greek government will start the tender with the areas of interest. We are talking about an area of 225.000 square km, twice the land territory of Greece.

According to this Ministry, the licence was won by the Norwegian Petrolium-Geo-Services company, which will enable the researches for oil through modern technology. The first ship is called “nordic Explorer”, and it will start searching the area on Monday, exactly at the area that Albania would be giving away to Greece with the maritime pact signed by the two governments, but that was rejected by the Albanian Constitutional Court.

Greece has never accepted this, and says that they will implement the researches on the territory for which they agreed with the Albanian government, after they will replace it with a new agreement that will be acceptable for both parties. A few weeks ago Top Channel discovered that the draft of a new agreement is underway and it leaves the first one unchanged, giving away to Greece an area of 250 square km, there where Greece has given the tender.

Sources form the Foreign Ministry said for Top Channel that the agreements with Albanian will depend on the result of the researches. Certainly that the Greek interest will fall if the gas and oil extraction in this area will have a high cost, the sources said. According to the Greek Ministry, the experts say that the Ionian Sea has large amounts of oil, that could be calculated to billions of barrels.

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