Energean JV awarded Katakolon Block in Greece's Open Door bid round

Mar 11, 2014 12:00 AM

Hellenic Hydrocarbons Management Committee successfully completed its work regarding the evaluation of the bids for the exploration and exploitation of hydrocarbons for the Katakolon Block.

Katakolon was the third region in Western Greece included in the Open Door bid round, launched by the Greek Ministry of Energy, Environment and Climate Change on January 2nd, 2012.

According to the Committee’s recommendation to Minister Yiannis Maniatis, the consortium of Energean Oil& Gas / Trajan Oil & Gas / Schlumberger is awarded the offshore block of Katakolon.

The Commission further negotiated with the prospect contractors on the improvement of the initially submitted work program and on the complete exploration of the area, the acquisition of upgraded data, the identification and development of all possible targets of interest, as well as the improvement of all financial terms (except taxation) included in the bid offer that contribute to the benefit of the Greek state, such as royalties and fees for the Greek state, signature bonus and annual expenses for personnel training.

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