Greece plans to award three oil concessions in 2012

Greece plans to invite investors next year to search for oil in three areas in the western part of the country, a government minister said on Thursday.
The move accelerates debt-laden Greece's efforts to develop its potential hydrocarbon reserves as part of measures to overhaul its economy and lessen its dependence on energy imports.
Athens spends between 10 bln and 12 bln euros a year on oil imports, about 5% of its gross domestic product. Territorial disputes with neighbor Turkey prevent Athens from looking for oil in the country's East.
"The cabinet has given the green light … for an international invitation of interest, under the 'open door' procedure, to award three blocks to international companies that will investigate the deposits," Deputy Energy Minister Yannis Maniatis said on state television NET.
The three blocks combined may contain as much as 280 mln barrel of oil, Maniatis told NET. They are near the towns of Patras and Katakolo as well as in Epirus, in the country's northwest.
The tender will be published in early 2012. Interested bidders will have about six months to respond, Maniatis said.
The first test drilling could take place by the end of 2012, said a senior government official who took part in the cabinet meeting and declined to be named.
Greece has this year updated its law on hydrocarbon exploration and production and set up a new authority to govern licensing.