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Greece pins hopes on subsea saviour

Greece’s government is turning to foreign oil and gas majors in an attempt to unlock what it hopes to be significant hydrocarbon reserves and help turn around its economic fortunes Greece’s government is turning to foreign oil and gas majors in an attempt to unlock what it hopes to be significant hydrocarbon reserves and help turn around its economic fortunes.
By Tom Hoskyns 13 August 2014 Europe & Russia / Exploration & Production 0 12722
Greece’s offshore and onshore blocks.

Recent finds in the East Mediterranean have raised hopes in Athens that a quick-fix solution to Greece’s economic troubles could be lying offshore in sizeable new reserves of oil and gas. 

Developments in Israel and Cyprus – combined with promising data from acreage in the Ionian Sea – have resulted in renewed enthusiasm for exploration among bureaucrats.  

The government has launched two licensing rounds – one for 20 offshore blocks that follow Greece’s west coast south from the Albanian border to the easternmost tip of Crete,...