Greece searching oil and gas in Ionian Sea

Voice of America quoted Greek press, which said that official sources from Greek Ministry of Environment and Energy confirm that this program is expected to involve the engagement of International Companies for carrying out the searches in this area.

The searches, according to one of main Greek newspapers “To Vima”, are based in the principle of “the middle line, the equally shared distance between all interested territories for assigning the borders of the marine area in the Ionian Sea”.

Greek pres confirms that the Greek government will not participate in the studies’ expenses. According to “To Vima”, the Greek government aims to discover geological structures and possible oil sources, for giving a series of concessions in specific marine areas during 2012.

These steps come after a series of reforms in privatization and concessions sectors, measures taken lately by the government of Jorgo Papandreu for softening the effects of the heavy economic crisis that has hit the country. Meanwhile, Greece and Albania has not been able to finalize the agreement for the sea borders.

The Albanian Constitution rejected in April 2010 an agreement between the respective Ministers of Foreign Affairs, signed by the end of April 2009 in Tirana. The agreement named: “For the delimitation of respective sea areas, the continental shelf and other sea areas that belong to each other in respect of international rights”, had great problems in its content and violated some articles of the Albanian Constitution.

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