Greece to speed up oil exploration worth 25 billion euros

Greek Minister Yiannis Maniatis has announced that he expects the first oil rig to be established before the end of 2012, as the government speeds forward with plans to exploit oil and gas reserves worth 25 billion euros.

Greece has taken action to exploit previously untapped gas and oil reserves, issuing an invitation to investors to explore for and then exploit, hydrocarbon reserves. According to Bloomberg investors have until July 2 to tender their bids. The invitation follows the decision made last year to approve drilling in the "Gulf of Patra, the sea region west of Ioannina and Katakolo off the western Peloponnese coast." (Ekathimerini) Minister Yiannis Maniatis has now said that it is expected Greece will have its first oil rig in place by the end of 2012, Athens News reported. He issued a statement saying "We are confident that the current invitation will draw interest from serious companies in the international oil market. With transparency, speed and efficiency and respect to the environment, we plan to develop all of Greece’s resources.” Untapped oil reserves are estimated to hold 250 million barrels of oil worth around 25 billion euros. The government has been aware of the reserves for 15 years but failed to exploit them. According to the energy ministry there is already interest in the invitations to invest.