Financial News: Government announces plan for seismic research in Ionian Sea, southern Crete

Greece will soon launch an international tender for firms interested in conducting seismic research in the waters of the Ionian Sea and southern Crete Deputy Environment, Energy and Climate Change Minister Yiannis Maniatis announced in Parliament on Wednesday. Based on the results of these surveys, the country should have a good idea of its available oil and gas reserves in approximately a year's time, he explained.
"Essentially, we will know our potential in about a year from today when the collection and interpretation of the seismic data is complete," he said, adding that this information will be given to the Greek state but also to oil companies.
"In this way, the cost of seismic research is shared among more clients," he said, adding that the Greek state would also benefit from participation in the profits arising from the sale of the research data.

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