Greece receives three bids for hydrocarbon research and exploitation in western Greece and south of Crete

The Energy Ministry had received three bids for the concession of licenses for the surveying and utilization of hydrocarbons in 20 areas in the Ionian Sea and south of Crete by Tuesday’s deadline, although the capital controls do not allow for the publication of the companies’ names and the areas they are interested in.

Sources say that the bids must remain sealed because the investors were unable to submit the necessary letters of guarantee amounting to 100,000 euros per bid, as the tender proclamation dictated that those letters should be issued by Greek banks or foreign banks with a branch in Athens.

To overcome this legal issue, the ministry has decided to open those offers 10 working days after the banks open, so the only news coming from the ministry concerns the submission of just three bids. “This number can be considered as a positive step in the country’s effort to utilize its undersea wealth,” read a statement.

Sources reported a bid from Hellenic Petroleum in cooperation with a major multinational, possibly France’s Total and/or Italy’s Edison. It is quite possible the same consortium submitted all three bids.

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