Hydrocarbon Mining in the Ionian Sea moves another step closer!

Contracts with oil giants – Investments of 140 million euros for Ionian-Crete investigations
The Ministry of the Environment and Energy says the vote of confidence in large international oil companies that will invest millions of euros, even at the key stage of hydrocarbon research .

In a brief note on the lease of four sites in Crete and the Ionian Sea for hydrocarbon exploration, the environment ministry refers to investments lodged this afternoon for ratification in Parliament.

These are:

“Southwest Crete” and “Western Crete” were the contracts signed on June 27, 2019 by the then Minister of Environment and Energy and the Consortium of Total, ExxonMobil and Greek Petroleum.
“Ionian Sea” in Western Greece assigned to the Repsol-Hellenic Petroleum Consortium and “Area 10 Ionian Sea” (in the Gulf of Kyparissia), allocated to ELPE.
According to the RIS, Greece currently has 9 maritime and land concessions. With the House ratifying today’s four conventions, the total will be 13. This development, in the long run, will further enhance Greece’s energy security and supply as well as our geostrategic position as an important energy hub for Europe.

The ministry also noted that for every direct job in the hydrocarbon industry, 3 new full time jobs will be created in the wider economy at national and regional level.

In addition, for every euro paid by direct sector workers, another 2 jobs will be created in other sectors of the economy, further boosting employment with new and well-paid jobs.

If surveys prove that quantities of gas or crude oil are recoverable, the first drilling is expected to take place in 2020.

EUR 140 million investment for geophysical research
During the eight-year core research phase, contracting companies are required to invest a cumulative amount of € 140 million to conduct geophysical surveys, identify potential drilling targets and conduct drilling.

All leases include a strict set of provisions to ensure that hydrocarbon exploration and exploitation is carried out in full respect for the protection of the environment.

It is expressly envisaged to take remedial measures which companies must take if their work endangers natural persons or property or pollutes or damages flora, fauna and aquatic life or the environment.

The impact of hydrocarbon surveys on tourism
In terms of tourism, the experience of 40 years of production in the Gulf of Kavala (Prinos deposit), an area adjacent to the popular Thassos, shows that with the proper implementation of international best practices and environmental forecasts, tourism and the exploitation of hydrocarbons can to coexist harmoniously.

Research on hydrocarbons, especially on gas, is one of the most critical factors that will affect the country’s energy mix for at least the next 30 years, the government notes, given that gas is the fuel ‘bridge’. »Which will allow the gradual transition to alternative, more environmentally friendly sources of energy.

In this context, hydrocarbon research in Greece, in synergy with major gas pipeline projects such as TAP, IGB and EastMed and existing and future terminals (Revithousa, Alexandroupolis) are part of its diversification process. energy mix, enhancing the country’s energy security and security of supply and establishing it as an important energy hub in the South East European region.
Source –  iefimerida.gr 

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