Environment, Energy and Climate Change Minister Yiannis Maniatis has presented Greece's programme for offshore hydrocarbon exploration concessions in the Ionian Sea and south of Crete, during an event held in London on Tuesday. "Greece's goal of becoming a major oil and gas producer is not just a Greek myth but based on firm parameters," the minister said while presenting the findings of seismic surveys in the area and analysing the broader geopolitical framework, ahead of a tender to be launched in the next few days, involving test drilling in 20 blocks.

In his presentation, the minister included data from geological surveys covering 225,000 square km and the interpretation of this data, carried out by the French oil and gas consultancy BEICIP-Franlab.

In addition, the presentation unveiled the legal and financial framework that will govern the exploratory drilling, also best practices internationally, a stable and predictable environment for investors, a favourable tax regime. The Hellenic Hydrocarbon Resources Management SA set up to monitor the sector, while this would comply with EU rules on the safety of offshore drilling activity.