LONDON--(Marketwire - April 27, 2012) - King & Spalding's London office has been appointed international legal counsel to the Greek government to advise it on the first sale of local oil exploration licences since 1996.
King & Spalding has been hired by the Ministry of Environment Energy & Climate Change and the government of Greece to advise on all international law aspects of the "open door" sale of exploration rights of licence areas in Western Greece. The government has opened a tender to grant licences to E&P companies for exploration and production activity in the Gulf of Patras, Katakolo in the Ilia region and in Ioannina, Epirus.
The Greek government estimates that there could be up to 300 million barrels of oil deposits in the designated areas. It is hoped that the licensing round, the first in the country since 1996, could generate billions of dollars in revenues for the local economy and reduce Greece's reliance on oil imports.
Garry Pegg, co-managing partner of King & Spalding's London office, is leading the instruction. Garry led the team that put together the legal framework and model arrangements for the previous licensing round in 1996.
Pegg said: "This is a significant initiative for the Greek government and the local economy. I am sure that some significant oil exploration companies will be very interested in bidding for the new licences: oil is currently priced around $100 per barrel, significantly more than at the time of the first round. We are very pleased to have secured this instruction, the deal highlights the regard in which King & Spalding's global practice is held."
Bids for the licences have to be submitted by July 2. More information is available at http://www.ypeka.gr
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