Greece
has picked two consortia led by Energean Oil and Hellenic Petroleum to search
for oil and natural gas in two blocks in the western part of the country, as
cash-strapped
Athens
seeks to save money on energy imports.
Greece, which produces almost no oil or natural
gas, aims to develop potential hydrocarbon reserves as part of an effort to
overhaul its economy and lessen dependence on foreign energy sources.
The Energean Oil-led consortium will explore
for oil and gas near the town of Ioannina in north-west Greece while the
consortium led by Hellenic Petroleum, Greece's biggest refiner, will explore
near the town of Patras, Reuters reported.
"Today we have opened a new page for the
Greek market," Energy Minister Yannis Maniatis said in a statement. "The
expected benefits are many: an increase in government revenue, the creation of
new jobs."
The ministry said it expects revenues from
these two regions to reach about €11 billion ($14.2 billion) over the next 25
years.
Almost 200 fruitless test wells have been bored
in various parts of Greece in the past century, the most recent about 12 years
ago. But most of the tests were badly managed or carried out at the wrong
locations, Reuters cited Greek officials as saying.
Athens spends about €10 billion to €12 billion
per year on oil imports. Territorial disputes with neighbouring Turkey prevent
Athens from looking for oil in the country's east.