Yesterday (14.05), agreements were signed by contracting consortiums and the Greek government for hydrocarbons surveying and utilization in three regions, laying the foundation for the creation of a new market that will benefit the local economy. The first drillings in the surveying will start off the coast of Katakolo in the western Peloponnese within two years, with retrievable reserves estimated at 5 million barrels. Within three years there will be up to three drillings near Ioannina in the country’s northwest and in the Patraikos Gulf, western Greece, with total retrievable reserves at 300 million barrels (100 million and 200 million respectively).

The contracts with the consortiums - Energean Oil-Petra Petroleum for Ioannina, Hellenic Petroleum-Edison-Petroceltic for the Patraikos Gulf, and Energean Oil-Trajan Oil & Gas for Katakolo - were signed during a ceremony at the Energy Ministry in Athens in the presence of Deputy Prime Minister Evangelos Venizelos, Energy Minister Yiannis Maniatis and his British counterpart Edward Davey, and Canadian Ambassador to Greece Robert Peck.

Total state revenues from oil reserves of 100 million barrels are estimated at €6 billion. In addition, every job in the hydrocarbons sector could correspond to 3.2 full-time jobs indirectly created in other economy sectors.