Energean-led group awarded Greek offshore license

Hellenic Hydrocarbons Management Committee has recommended the award of the Katakolon exploration block offshore western Greece to the Energean Oil & Gas/Trajan Oil & Gas/Schlumberger consortium.

Offshore staff

ATHENS, Greece – Hellenic Hydrocarbons Management Committee has recommended the award of the Katakolon exploration block offshore western Greece to the Energean Oil & Gas/Trajan Oil & Gas/Schlumberger consortium.

This follows evaluation of bids for hydrocarbons exploration and exploitation in the block underGreece’s Open Door bid round, which the government launched in January 2012.

Negotiations with the consortium covered improvement of the initially submitted work program and, on the complete exploration of the area; acquisition of upgraded data; identification and development of all potential commercial prospects; and improvement of financial terms (except for taxation) in the bid offer, such as royalties and fees for the Greek state, signature bonuses, and annual expenses for personnel training.

03/12/2014

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