“2 billion cubic meters natural gas off the coast of Greece. Greece wants to use huge reserves. Prime Minister Mitsotakis is accelerating the search for natural gas. Their operation can begin as early as 2027. The whole of Europe will benefit from this,” writes Gerd Heller, a correspondent for the economic newspaper Handelsblatt, in a report from Athens. A detailed report focuses on recent announcements by Prime Minister Kyriakos Mitsotakis that the Sanco Swift will begin seismic surveys in the area southwest of Crete and the Peloponnese and later in the Ionian Sea on behalf of Exxon Mobil and Hellenic Energy.

The report described the move as “Greece’s new move to exploit the natural gas fields in its open waters” and noted: “This is an issue that has been sidelined for years for climate policy reasons, as well as the perceived reliable availability of cheap Russian natural gas. Now the war in Ukraine and the energy crisis require reconsideration. Greece is now looking to replace Russian natural gas, which in the past covered 45% of consumption. Potential deposits are of interest not only to Greece, but (…) based on last year’s consumption, they would be enough to provide the entire EU with natural gas for more than five years.

The report details the available data on hydrocarbon deposits in areas southwest of Crete, the Peloponnese and the Ionian Sea, as well as the projected timing of exploration in these areas, based on expert assessments of the involved agencies and government structures.

Among other things, the report notes: “It is also assumed that there are hydrocarbon deposits in the Aegean Sea. However, no studies have been conducted there so far, as Greece and Turkey do not agree with the demarcation of economic zones. However, Turkey has not made any claims regarding the territories that are the focus of ongoing investigations.”

Source: DV