Environment, Energy and Climate Change Minister Ioannis Maniatis said that investigations for the exploitation of hydrocarbons at the Gulf of Patras are to begin at 2015. The oil deposit in the Western Greek region, north of the Peloponnese, is valued at 14 billion euros. Mr. Maniatis estimates that the annual revenue for the local community will be from 110-150 million euros and that 1,000 direct and indirect jobs will be created in the region.

Mr. Maniatis said that government contracts for drilling are fully transparent and he emphasized that environmental protection is to be taken into account as well as a focus on local paramaters such as tourism, aquaculture and protected areas, etc.

Mr. Maniatis also announced that the process for a new round of concessions has begun for the exploration of hydrocarbons in Arta, Aetoloakarnania and Achaia after interest shown by an Italian company.