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Greece: licence to drill
The London office of Atlanta-based law firm King & Spalding has been appointed as international counsel to the Greek government to advise it on the first sale of local oil exploration since 1996.
The firm will assist the Ministry of Environment Energy and Climate Change and the government of Greece on international law concerning the sale of exploration rights in western Greece.
Estimates by the Greek government suggest that up to 300 million barrels of oil could be available in the designated areas – potentially generating billions of dollars in revenue for the struggling local economy and reducing the reliance on oil imports.
Co-managing partner of King & Spalding’s London office Gary Pegg is leading the deal. Mr Pegg also led the team responsible for the legal framework and model arrangements for the previous licensing round in 1996.
Bids for the licences must be made before 2 July.
Estimates by the Greek government suggest that up to 300 million barrels of oil could be available in the designated areas – potentially generating billions of dollars in revenue for the struggling local economy and reducing the reliance on oil imports.
Co-managing partner of King & Spalding’s London office Gary Pegg is leading the deal. Mr Pegg also led the team responsible for the legal framework and model arrangements for the previous licensing round in 1996.
Bids for the licences must be made before 2 July.
