Even though Prime Minister Antonis Samaras, who stated he could not attend due to urgent matters, the signatures for carrying out exploration and exploitation of hydrocarbons in three regions of Western Greece (Ioannina, Gulf of Patras and Katakolon) were penned in during a ceremony held at the Ministry of the Environment, Energy and Climate Change.

On their part, the contractor-companies for the lands of Katakolo, of Ioannina and Patras were bound for investments that will exceed 700 million for the research and exploitation of hydrocarbon deposits.

The ceremony was attended by Deputy PM and Foreign Minister Evangelos Venizelos,  the Minister and Deputy Minister of the Ministry of Environment, Energy and Climate Change Y. Maniatis and A. Papageorgiou, Energy Minister of Great Britain Edward Davey and Canadian Ambassador Robert Peck.

The regional contracts were signed by the following consortia:

-Ioannina: ENERGEAN OIL AND GAS/PETRA PETROLEUM. Estimated 50-100 million oil barrels reserves.
-Patras Gulf: HELLENIC PETROLEUM/EDISON/PETROCELTIC. Estimated 200 million barrels’ worth of reserves.
-Katakolo: ENERGEAN OIL AND GAS/TRAJAN OIL&GAS Ltd. Estimated 3-5 million barrels’ worth of reserves.

Government revenue

Government revenue from the exploitation of hydrocarbons come from taxation (20% plus 5% regional tax) and leasing, which is formed on the basis of the amount of production, through geographical, geological and other area features, and the rate of revenue and costs.

According to estimates by the Ministry,, for a deposit of 100 million barrels with an average price of $90/barrel, the revenue for the public sector is estimated at about 6 billion euros.
This means that if estimates are correct for the three regions, the revenue from the exploitation can reach a long-term goal of 18 billion EUR.