KLC Law Firm, Legal Advisor of Edison International S.p.A for the concession by the Hellenic Republic of hydrocarbons research and exploitation project in the Gulf of Patras
KLC Law Firm has provided full legal support to Edison Group, as Legal Advisor of its subsidiary Edison International S.p.A., in relation to the award by the Hellenic Republic to the consortium of Hellenic Petroleum S.A. / Edison International S.p.A. / Petroceltic Resources Plc of the project of exploration and exploitation of hydrocarbons in the offshore area of West Gulf of Patras. The concession agreement was signed at a special ceremony held at the Ministry of Environment, Energy and Climate Change on Wednesday, May 14th, 2014 before the Vice President of the Hellenic Government and Foreign Minister Mr. Evangelos Venizelos and Minister of Environment, Energy and Climate Change Mr. Yiannis Maniatis. KLC Law Firm has provided legal advice on legal and tax issues during the negotiation of the concession agreement with the Hellenic Republic and the joint operating agreement between the members of the consortium. From a legal perspective, the above transaction has been a significant challenge, as it required extensive negotiations of transaction agreements novel for Greek legal and business standards and called for innovative legal thinking in integrating international oil business practices in the Greek legal order. On the same date, two other concession agreements were also signed with different consorsia regarding the areas of Ioannina and Katakolo. This is a landmark project expected to boost Greece`s role in the energy market. The area of Patras Gulf is considered to be the largest of the three oil exploration blocks. The Investments in these areas could exceed 700 mio. euros and the extraction/productions of deposits estimated at 300 mio. barrels (200 mio. barrels of which in the offshore area of Patras). If these estimations are confirmed, the long-term revenues of the Greek State can reach the amount of 18 billion euros.
