The Greek government expects bids from oil companies on oil exploration projects in 20 regions in the Ionian Sea and south of Crete to be submitted by March 2015. This will be followed by at least a three-month period of evaluating the bids in order to award the projects by mid-2015.

The timetable of oil exploration projects was unveiled on Monday, while Environment, Energy and Climate Change ministry officials, who noted the strong interest by oil companies for the projects during a roadshow last week in London. The official attributed this interest on strong evidence of significant energy reserves, following seismic research made in the regions and the consistency showed by the Greek state in promoting these projects.

Under the timetable presented, the ministry will launch an international tender for the projects this fall.

Ministry officials said that there was no reaction whatsoever by any neighboring countries during the process of seismic research and the publication of sea regions. The state’s revenues, beyond taxation (20%) and regional tax (5.0%) will also include rights according to the size of the field. The tender, according to sources, will exclude off shore companies and the participation of one company in more than one regions. A ministry analysis of seismic research made so far estimates state revenues from Patras Gulf, Katakolo and Ioannina to around 6.0 billion euros (reserves of 100 million barrels at an average price of 90 dollars/per barrel).