SOURCE: King & Spalding

King & Spalding

April 27, 2012 10:02 ET

King & Spalding Instructed by Greek Government for Oil Licence Sale

LONDON--(Marketwire - Apr 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

About King & Spalding
Celebrating more than 125 years of service, King & Spalding is an international law firm that represents a broad array of clients, including half of the Fortune Global 100, with 800 lawyers in 17 offices in the United States, Europe, the Middle East and Asia. The firm has handled matters in over 160 countries on six continents and is consistently recognized for the results it obtains, uncompromising commitment to quality and dedication to understanding the business and culture of its clients. More information is available at www.kslaw.com.

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