Greece Chose PGS for Offshore Seismic Tests

Greece chose Oslo-based Petroleum Geo Services to perform offshore seismic tests in the country’s southern and western  regions, according to a recent statement from the government. The test is in preparation for the beginning of an oil and gas exploration bidding round over the next two years.

The company will send a ship to the Ionian Sea and off Crete’s southern island for the purpose of data gathering before this year ends, according to a statement from Energy Minister Evangelos Livieratos to lawmakers. There are seven other firms that want the business.

According to the results, an oil investment bidding round is being planned by Greece in the region within the middle parts of 2014.

The minister informed the parliamentary committee that there are major prospects for a discovery. He added that the tests will be performed in a maritime zone that is around 100 to 400 kilometers wide. Similar tests had been carried out by PGS near Cyprus where a large offshore gas discovery motivated Athens to conduct its own search.

Financially-troubled Greece currently imports a majority of its natural gas and oil. That purchase amounts to an annual spending of around 5 percent of the country’s GDP.

Over the last century, about 200 unsuccessful test wells have been explored in the country’s different regions. The latest attempt was around 12 years back. However, the majority of those tests were managed badly or performed on the wrong locations, said Greek officials.

Greece called for an oil and gas exploration bidding round last July for three offshore and onshore locations in the country’s western region. The government is hoping that the area has around 280 million oil barrels.

Bidders for that round include Hellenic Petroleum, Chariot Oil and Gas and Schlumberger. The government’s announcement of the winning bidders is expected soon.