Basic HTML Version
Some of these companies are cooperating with
oil giants such as Shell, while others have been
involved in exploration in regions such as the
Arctic, Brazil, the Gulf of Mexico, Australia and
Canada. In Greece, the most well-known among
these companies is Norway's PGS that carried
out research on behalf of the Republic of Cyprus,
the results of which were used for the first round
of concessions that led to the acquisition of the
exploration rights for block 12 by Noble Energy.
According to international practice, these firms
have already approached oil companies that will
finance their costs. The procedure to be followed
is straightforward: the company (-ies) will be
selected and exploration will immediately begin.
After the completion of this stage, the data will
start being traded and international marketing
conferences will be held, where the oil market will
have the opportunity of being informed about the
findings and decide whether to purchase the data
packages or not.
This optimism is reflected in the statements of the
deputy Minister for the Environment, Energy and
Climate Change, George Maniatis, who believes
that the companies' interest for non-exclusive
seismic survey is a strong indication for the exis-
tence of oil in Greece.
In any case, the next step will be the most crucial.
The findings of the surveys will be used to con-
duct the concession rounds. If sufficient interest is
shown, then further exclusive seismic surveys will
be carried out, along with exploratory drillings by
the companies that will win the concessions.
Open door
The oil exploration market will have the first tan-
area south of Crete. Response was huge, and the
success of the tender was unprecedented for
Mediterranean standards, since it attracted 8 of
the largest, and most experienced in seismic
research, companies worldwide (see table).
Trade with Greece
87
The oil exploration mar-
ket will have the first
tangible results before the
seismic surveys are actual-
ly completed. The first rigs
will possibly be installed in
Greece as early as 2012,
according to some opti-
mistic estimates, through
the Open Door licensing
procedure.
“
”
1) TGS-NOPEC GEOPHYSICAL COMPANY
ASA
2) DOLPHIN GEOPHYSICAL
3) ION GEOPHYSICAL CORPORATION
4) SPEC PARTNERS LTD
5) CGGVERITAS
6) PETROLEUM GEO-SERVICES (PGS)
7) SPECTRUM GEO LIMITED
8) FUGRO MULTICLIENT SERVICES AS
Table: The companies that made bids for seismic
surveys