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Newsletter December 2013


Hydrocarbon Exploration and Production

As Greece readies for a new era of developing its hydrocarbon reserves, international interest grows in relation to investment opportunities.

Two regional conferences focusing on hydrocarbon exploration and production in the East Mediterranean and the Adriatic Sea took place in Athens between October 31 and November 7, 2013.

The American Association of Petroleum Geologists (APPEX) conducted, for the first time in Athens, its regional 3-day conference on November 5-7. Several topics were presented and discussed, with a special emphasis on hydrocarbon research and the latest discoveries in the Aegean by the Norwegian company PGS.

From October 31- November 1, the Institute of Energy for South East Europe (IENE) held a two-day workshop on Hydrocarbon Exploration and Production in the East Mediterranean and the Adriatic Sea. The workshop was attended by Greek and foreign scientists who discussed a variety of issues related to the broader region of the Balkans and the Eastern Mediterranean.

At both events it was noted that Greece has good possibilities and probabilities to count on its hydrocarbon reserves. The estimates are based on the existence of proven petroleum systems, directly comparable to the systems of Italy (Adriatic platform) where exploitable reserves have been discovered. There was mention of the Epirus reserves, which are identical to those in Albania, which has had several productive discoveries, as well the discovery of small deposits of Western Katakolon.

PGS did not report on the existence of extensive reserves of natural gas or oil, particularly in Greece and south of Crete, mainly due to the fact that the results of the exploration and analyses are in the initial stages. PGS will not be “certifying” the deposits, but its aim is the presentation of the evidence of reserves which will encourage companies to invest in the process and to participate in the open calls, set to be announced toward the end of 2014.

November 11, 2013

Hydrocarbon Exploration—Strong Interest
Energean and Ratio Petroleum have submitted a proposal for research in Thermaikos Gulf and the Bay of Orfanos.

A request for hydrocarbon exploration in Thermaikos Gulf and the Bay of Orfanos was submitted to the Ministry of Environment, Energy and Climate Change through a joint proposal by Energean Oil & Gas SA and Israel’s Ratio Petroleum.

The head of the Israeli company, in a visit to Greece in May, expressed to the Prime Minister their interest to invest in the Greek hydrocarbon market. 

The Minister of Environment, Energy and Climate Change, Yiannis Maniatis, made the following statement: "The expressed interest of two reliable companies to engage in hydrocarbon exploration in the Thermaikos Gulf and the Orfanos Bay is a positive development. This is another step toward the comprehensive and systematic national effort to recover our mineral wealth and proves that when there is persistence, responsibility, seriousness and stability, investors trust the country and are interested to proceed with new investment."

Energean Oil & Gas issued a statement saying “With its experience of the geology of the areas of Prinos and South Kavala, Energean Oil & Gas treats the areas of Thermaikos and Orfanos as a natural continuation of its production operations in areas already utilised and as an important potential to strengthen employment in Central and Eastern Macedonia.”

The presence of the installations of Energean Oil & Gas in the area, and the absolutely successful example of the smooth coexistence of a productive industrial activity with the local community and the tourist industry in areas such as Thassos, is the biggest guarantee for the implementation of programmes in Thermaikos Gulf and Orfanos Gulf in a manner perfectly compatible with the environment.

Ratio Petroleum is the international investment arm of Ratio Oil Exploration LTD, a listed company on the Tel Aviv Exchange included in the TA-75 index with the largest market capitalisation companies.

Ratio’s chief geologist is Eitan Aizenberg, who in December 2010 announced the discovery of a very large natural gas deposit, including the Leviathan Field, the largest natural gas deposit discovery of the last decade, estimated at 17 trillion cubic feet. The Israeli company holds 15% of the Leviathan Field.

September 17, 2013