Significant economic and geopolitical benefits would be provided by Greece in case of the discovery of hydrocarbon deposits, for which there are very serious indications, the Energy Institute of Southeastern Europe (ΙΕΝΕ) points out in a special report on their potential.

It is noted that government announcements are imminent for the facilitation of investors and the acceleration of investigations in the areas that have already been granted for research, with emphasis on the sea areas of the Ionian and Crete.

According to the IENE report, “there are very serious indications of the existence of geological structures, capable of containing very significant quantities – mainly natural gas, which, if confirmed by drilling, could cover a serious percentage or even our needs as well as to act as a lever to restrain upcoming price increases, with multiple positive consequences for our country (geostrategic).”

IENE cites recent studies by the Hellenic Hydrocarbon Management Company (EDEY) and the Academy of Athens as well as publications by reputable academics and companies, which converge to the conclusion that there is a high probability of very significant natural gas reserves in the country (west and south of Crete, Thermaikos, Thassos, hydrates in the SE Mediterranean, biogenic gas in the NW Peloponnese and the Ionian Sea).

“In the marine areas where seismic reconnaissance surveys have been carried out, more than 30 possible research targets have already been specified, which, with additional surveys, could become research drilling targets for the discovery of hydrocarbon deposits. 

If we take into account that 1/4 of the drillings in the geological structures that have been located in the Ionian sea areas and in the south and west of Crete will be successful, then these structures could accommodate potential reserves of 70-90 trillion cubic feet of gas, according to data from EDEY, able to cover 15% -20% of EU consumption,” says the Institute.

Also read: Ministry of Environment and Energy Convening of the crisis management team for the country’s energy supply

The report also reiterates the estimates of EDEY, according to which, the potential value of Greece’s natural gas reserves exceeds 250 billion euros. Regarding the benefits, it is pointed out, among other things, that by exploiting the deposits, Greece:

• is largely released from the manipulation of gas flows
• will not depend on energy from third countries and potentially negatively oriented to Greece
• becomes more EU-dependent supplier, which is currently heavily dependent on Russian gas
• can gain more flexibility and more negotiating weapons in transnational talks and consultations
• the existence of productive marine deposits will give new impetus to Greek positions regarding the issues of maritime zones, etc.
• the presence of international companies in Greek waters will further enhance the visibility of Greece among the countries, the organizations for the issues of the region, its security, the observance of the Law of the Sea, and the maintenance of peace.

Finally, when asked if there is time for the discovery and exploitation of the deposits, given the EU’s de-carbonization policy, IENE answered in the affirmative, citing the rapid procedures applied by Egypt to start production from the Zohr and Tuna deposits.

Source: Euronews

Also read: KYSEA | Extraordinary meeting on country’s energy security in the shadow of Ukrainian crisis