Hellenic (Greek) Petroleum Law: Regulation of Exploration and Exploitation

Abstract

Hellas possesses considerable hydrocarbon reserves, particularly in areas on or below its continental shelf. In 1995, new legislation on the exploration and exploitation of hydrocarbons was introduced, followed by a Decree specifying the terms of concession agreements. This legislation overrides existing general provisions, especially the Civil Code, and is thus self-contained. The terms of production-sharing agreements are not specifically set out by a Decree, but there is no reason why this type of contract cannot be utilised.