tional oil prices, which meant that such invest-
ments are not profitable.
It has to be noted that Hellenic Petroleum has
already won the previous tender for the Gulf of
Patras block; the joint venture responsible for this
area also includes Italy’s Enel and Ireland’s
Petroceltic. The JV has already commenced
exploration operations.
Energean Oil & Gas, whose shareholders include
“Third Point”, a $12 billion US investment fund, has
been granted the “Ioannina” and “Katakolo” blocks.
Remember that this is also company that manages
the Prinos field. According to its CEO, Mathios
Rigas, the company has invested more than €180
million for reviving the production of the Prinos oil
field at Kavala: €90 million in the local economy and
almost €100 million paid to the Greek state.
The Ministry has stated that: “All bids will be
judged in accordance with the provisions of Law
2289/1995 and Greek Law, and under the lens of
continuous, thorough, efficient and safe exploita-
tion for Oil and Natural Gas in Greek territory and
the exploitation of these resources, albeit seri-
ously taking environmental issues into account .
“Bidders that fulfil all technical and financial criteria
will be invited to participate in competitive negotia-
tions for the concession blocks. The negotiations will
be held on the basis of the competitive data and the
evaluation will be completed within three months.
“The Ministry of Productive Reconstruction,
Environment and Energy will sign separate
agreements for each concession block, in accor-
dance with the specifications of the international
tender.”
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108
The leadership of the Ministry is also sending the message
that, as part of the liberalisation of the electricity market, it
intends to comply with European directives and regulations.
”
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