New Energy market report from Business Monitor International: "Greece Oil & Gas Report Q2 2014"

Boston, MA -- (ReleaseWire) -- 04/10/2014 --We foresee a steep learning curve for the Greek authorities as they attempt to establish Greece as a destination for exploration and production (E&P) investments. The multi-month delays (on account of fiscal and taxation issues) in the finalisation of the open-door licences in Ioannina and the Gulf of Patras and the nebulous arrangements of the Katakolo licence, along with an ongoing 20-month delay in appointing the statutory hydrocarbons supervisory and management agency (EDEY AE), testify to the inability of the Greek authorities to move through the process (even of this small licensing round) in a timely manner - a negative precursor to the government's aspirations for an international licensing round.

The absence of a declared and demarcated Exclusive Economic Zone (EEZ) is a further obstacle that will cause delays. This, in conjunction with an anaemic institutional infrastructure as well as the absence of solid and stable fiscal and tax regimes to govern the upstream sector, represents the main hindrances to Greece's E&P aspirations. We note some upside risks to our forecasts for Greek hydrocarbons production towards the end of our forecast period; however, for the time being, we cannot factor in a change to our forecast scenario, which suggests very limited upstream activity in the country.

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The key trends and developments in the Greek oil and gas sector are:

- Greece has selected two consortia led by domestic players Energean Oil and Hellenic Petroleum to explore for hydrocarbons in two blocks: one off the west coast in the Gulf of Patras and one in the northwest at Ioannina. To date, a winner has not been finalised for the licence for the third block offshore the western Peloponnese at Katakolo. The licence agreements for Patras and the Ioannina blocks were expected to be signed by end-2013, following 24 months of delays.
- Petroleum Geo-Services (PGS) will announce its findings from its 2D multi-client seismic surveys offshore western Greece and south of Crete in early 2014. A total of 35,000km have been mapped, of which 12,000km are brand new data, while the rest are redeveloped older seismic data. It is the first seismic survey of this scale and scope to assess the prospectivity of Greece's offshore, and if promising, the government is hoping to attract the interest of international majors.

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