Factual Information on Potential Oil and Gas Reserves in Greece

If we really want to say that we will be entering the period and in the region of the producing countries, we will have to discover deposits which at the exploitation period are 500 million barrels or 3 trillion. cubic feet and nothing less

Crete and Ionion hide surprises with regard to hydrocarbons (!). This results from the appointment of Yannis Bassis, President and CEO of the Greek Hydrocarbon Management Company (EDEY), during an event held by the Technical Chamber of Greece (TEE) on “The hydrocarbons in the eastern Mediterranean”.

As mentioned by the head of EDEY during the event, with the support of the Institute of Energy of Southeastern Europe (IENE), there are areas such as the west, southwest and southern parts of Crete but also in the South Ionian where the possibility of having large deposits, gas, is great and that’s why big companies have appeared.

Giannis Basias clarified, however, that at present Greece is doing research and not mining, except for Prinos where 1% of the country’s needs are produced daily.

500 million barrels

“This means that if we really want to say that we will be entering the period and in the region of the producing countries, we will have to find deposits which at the exploitation period are 500 million barrels or 3 trillion. cubic feet and nothing less, “he said.

According to the speakers, the importance of oil and natural gas in Greece is a sine qua non, especially given the almost absolute dependence of our country on imports and the enormous cost they entail – in the last decade it is average to 5.5% of GDP (!).

According to Yiannis Bassias, research should continue and, as he said, “after five years we will talk about significant drilling and probably exploitable productions, mining operations.” It is noted that the concessions made to date amount to 13. According to the chairman and CEO of EDEY, the reasons for such great interest are the many gas discoveries in the wider region, the new geological model from 2015 in the Mediterranean (deposits in carbonate rocks), the progressive improvement of drilling in deep and overfished water (over 3,000 meters) and the development of technology.

Dominant rights

“The securing of sovereign rights is now passed through hydrocarbon research,” said IENE Executive Director Costis Stambolis, among other things. “Not only in Greece, in many countries. Although sovereign rights are not limited to hydrocarbons, they are an essential ingredient. ”

Development impulse. George Stassinos, chairman of the Technical Chamber of Greece (TEE), stood out particularly strongly in the energy development momentum. “Energy, in all its forms, can provide great growth momentum to the country and many jobs”, he stressed among others.

On the five new plots, one borders with the “plot 2” of Total – EL.PE – Edison, the second one with the “plot 10” of the Kyparissiakos Gulf, the third lies south of the Messinian bay and reaches Chania, while the two of Crete are located south of the island, below Gavdos and Lassithi.

In a recent interview given by the Director of Health, Safety, Environment to “HELLENIC PETROLEUM Hydrocarbon Research and Production SA”, George Mykoniatis and asked about the expected economic and social benefits of hydrocarbon utilization in Greece, stressed that only the profitable reserves of Patraikos “Will pay 200 million a year to the state through tax on rental contracts and 20 million per annum to local government from the so-called regional tax”, ie on a 25-year horizon of 5 billion million for the state, which through the National Solidarity Fund will be made available to the state and social security system of the country, according to the Norwegian model. Respectively, for local communities it explains that “a deposit of 120-140 million,

Reproduced by www.tovima.gr

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