Greece launches tenders for hydrocarbon exploration and exploitation

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Greece launches tenders for hydrocarbon exploration and exploitationThe attraction of foreign direct investments is critical for the recovery of Greece's stricken economy and further promotion of its promising tourist industry

Financial, environmental and quality-related parameters will be examined during the evaluation of bids in a tender for granting and using authorisations for the exploration and exploitation of hydrocarbons in maritime areas to the south-west and to the west of Crete, as well as the west of the Ionian Sea, Hellenic Hydrocarbons Resources Management SA (HHRM) announced on Monday.

The tenders come after submissions of interest by Total E&P Greece BV, ExxonMobil Exploration and Production Greece (Crete) BV and Hellenic Petroleum SA for the Crete block and Energean Oil & Gas for the Ionian block. The environment and energy minister accepted the aforementioned expression of interest and initiated the tendering procedure, while also extending an invitation to any other possible interested parties to participate in this tendering process.

All applications will be evaluated in accordance with the provisions of Law 2289/1995, as in force, and Greek law, and against a background of the continuing need for ongoing, thorough, efficient and safe exploration to identify Greece?s oil and gas resources and exploit these with due regard for environmental issues.

Hellenic Hydrocarbons Resources Management SA (HHRM) will enter into a deal for the blocks with the selected applicant on the basis of royalty/tax arrangements (lease agreement). The lease agreement to be signed by HHRM will be approved by the environment and energy minister. Without this approval, the agreement will be null and void and will not produce any legal effect.

The application deadline is the first working day after a period of ninety (90) days from the date of publication of this call for tenders in the Official Journal of the European Union.

Applications reaching HHRM after this date will not be taken into account.

Applications will be considered on the basis of the following evaluation criteria:

  • Financial viability of the applicant to carry out exploration for and, as appropriate, exploitation of hydrocarbons from the areas in question.
  • Proven technical ability and expertise of the applicant.
  • Proven experience of the operator in carrying out exploration, development and production (exploitation) of hydrocarbons, especially in deep and ultra-deep water areas.
  • The quality of the work programme and the time-frame submitted for evaluating the full potential of the blocks applied for.
  • The applicant?s geological understanding of the geographical areas in question, and how the selected applicant proposes to perform efficient and safe exploration for hydrocarbons.
  • Experience in carrying out drilling work in the presence of hydrogen sulfide.

The ability to implement environmental management for compliance with regulatory requirements and achievement of the highest possible environmental performance, as well as experience in operating in environmentally sensitive areas and achieving a high level of safety and environmental protection in areas where tourism is prevalent and of considerable economic importance.

Importance will be also attached to any lack of efficiency or responsibility or non-performance displayed by the applicant in relation to obligations under concessions previously granted.

Biddable items:

  • Minimum exploration work programme
  • Financial guarantee
  • Royalties
  • Capital depreciation (%)
  • Signature and production bonus
  • Training and technical support
  • Relinquishment of the original block area (%)
  • Acreage fees during the exploration phase and the exploitation stage.

Applicants who are deemed to be technically and financially qualified will be invited to compete for the areas offered. Negotiations will be conducted on the basis of the biddable items. More than one applicant may be invited to negotiate for the areas designated for blocks.

Read more here.

RELATED TOPICS: GreeceGreek tourism newsTourism in GreeceGreek islandsHotels in GreeceTravel to GreeceGreek destinations Greek travel marketGreek tourism statisticsGreek tourism report

Photo Source: Wikimedia Commons Copyright: HG32 License: CC-BY-SA

Source: ANA-MPA

 

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