Greece confirmed it will take three months to consider investor offers for the right to search for oil and gas in the Ionian Sea.
Bids will concentrate on 20 blocks south of Crete.
An Energy Minister confirmed the country wants to follow strict timelines, promptly signing licensing contracts at the completion of the evaluation process. The Minister revealed the plans on a condition of anonymity as they have yet to be made public.
Greek officials met with dozens of oil majors and minors last week to present the block information. Total SA, Enel SpA, Chevron Corp., BP Plc and Noble Energy Inc were all said to be in attendance.
The discovery of natural-gas reserves in Israel and Cyprus has peaked interest in the Mediterranean nation’s offshore potential.
An official invitation for investors will be published in the next few weeks. Bids are expected to be submitted at the end of the year. Companies are said to be able to make single or multiple bids as standalone firms or as part of a joint venture.
The process will also enable smaller companies to actively participate in the bidding process, according to the official.
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