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The recent Greek elections have brought a new party to power that is rethinking offshore deals

Greece will review tenders offered on 20 offshore oil and gas blocks in the Ionian Sea and off southern Crete due to be signed by the end of the year, Energy Minister Panagiotis Lafazanis said today. The new leftwing government in Greece will be reviewing major privatization deals throughout the country, reports Reuters.

Lafazanis said in a statement the new government would not stop a tender on three oil and gas blocks in western Greece for which bids on are due to be submitted on Friday, but that it would be looking again at 20 offshore blocks.

The previous government of center-right Prime Minister Antonis Samaras invited bids on the blocks, which cover more than 200,000 square km (approximately 77,220 square miles), last year and expected bids by May this year with contracts signed by October.

Turkish research vessel is a ‘provocation’

While the new Greek Prime Minister, Alexis Tsipras, and his government reconsider offshore deals in their own country, they have also called on their neighbor Turkey to recall a research vessel from waters where the Cypriot government has licensed other companies to drill. Prime Minister Tsipras called the research vessel’s presence a “gross violation of international law.”

Turkey does not recognize Cyprus as a state and says that a unilateral search for gas by Greek Cypriots flouts the rights of Turkish Cypriots. Tsipras called on Turkey to recall the vessel so that peace talks to reunify the ethnically divided island can resume on Monday.

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Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. EnerCom, or its principals or employees, may have an economic interest in any of the companies covered in this report or on Oil & Gas 360®. As a result, readers of EnerCom’s reports or Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.