BMI View: The short-listing of finalists in the tender for the 2D non-exclusive, multi-client seismic surveys for Greece is a first, concrete step towards exploring the country's hydrocarbons resource potential. We are optimistic on Greece's exploration and appraisal (E&A) prospects, which will be better defined once the surveys are completed.
We anticipate that there will be significant interest in the seismic surveys as they will map out more acreage in the highly prospective and - as is emerging from ongoing E&A - prolific, eastern Mediterranean basin. Noble Energy is certainly going to be amongst the interested companies, as a stake in Greece (especially the area south of Crete) would complement its Mediterranean portfolio.
Out of the eight bids submitted for the seismic surveys in March 2012, four companies have been short-listed: TGS, Petroleum Geoservices (PGS), ION Geophyscial Corporation, and Spectrum Geo Limited. The surveys will cover Greece's Exclusive Economic Zone (EEZ) in the Ionian Sea (offshore western Greece, up to and including waters northwest of Corfu), all the way down to offshore southern Crete, where the most prospective acreage is thought to be. The Ministry of Energy was looking to have the seismic completed, marketed and a licensing round launched by the end of 2012, though because of delays brought about by elections, this has now been moved back until 2013/2014. The winner is expected to be announced in the first weeks of September.