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Hydrocarbon exploration tender process in progress
The tender process was to be conducted in two phases:
- Phase A: Submission of data related to the financial and technical profile of the candidate;
- Phase B: Competitive negotiation between the Ministry and each “bid‐qualified” candidate on the basis of a DraftConcession Agreement.
At this stage, Phase A has been completed early July of this year and Phase B is under progress.
In the meantime the first seismic surveys for the above areas have been already assigned.
The above signals the beginning of a new era for oil exploration activities in Greece, which had been dormant for more than two decades. The Greek government very recently reformed the applicable legal regime, established an ad hoc regulator for oil exploration and exploitation concessions, and will soon launch new tenders for the exploration of other potential offshore oil blocks.