Hydrocarbon tenders losing steam as political uncertainty escalates

The drive for the utilization of domestic hydrocarbons has been dropped from the political agenda following the announcement of early elections, despite pressure from the Greek Hydrocarbon Management Company (EDEYA).

The tender for 20 plots in the Ionian Sea and Crete – despite current low petrol prices – managed to attract bids for three plots and interest from a large multinational, rumored to be France’s Total. The company, together with Hellenic Petroleum (ELPE), submitted two bids for two different sites, while ELPE is bidding independently on another. The three bids were submitted on July 14 but the process was not activated.

To have done so, former energy minister Panos Skourletis – who succeeded Panayiotis Lafazanis on July 20 – should have either established a special commission or launched proceedings in EDEYA, established for the recovery of domestic hydrocarbons.

The process, moreover, is not expected to pick up any time soon as the country heads to new elections.