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gible results before the seismic surveys are actu-
ally completed. The first rigs will possibly be
installed in Greece as early as 2012, according to
some optimistic estimates, through the Open
Door licensing procedure. Initially, all exploration
carried out through the Open Door method con-
cerns three blocks: the Gulf of Patras, Epirus, and
western Katakolo. There is enough survey data
for these areas and the interested companies will
make bids that will be evaluated by the govern-
ment, in order to select the company that will
undertake exploration and exploitation. The pro-
cedure is underway and the bidding deadline is
the 2nd of June. All three blocks have interesting
features.
The estimated deposits in the Gulf of Patras
range from 200 to 350 million barrels, with a
detection probability of 10%. Recoverable oil
deposits are estimated at 100-110 million barrels.
Exploration investment is estimated at US$150
Trade with Greece
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Greece is considered to
be one of the most unex-
plored regions as far as
hydrocarbons are con-
cerned. Exploration history
begins in 1903, while actu-
al exploration started in
the 1960s in Western
Greece and the Ionian Sea.
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