At least 3 billion barrels of oil and estimated 4 trillion cubic feet of natural gas are hidden in the Ionian Sea and south of the island of Crete, Yannis Bassias, Chairman and CEO Hellenic Hydrocarbon Resources Management said on Monday. Drilling is to start within three years after signing of the relevant contracts, he added while delivering a speech at the Med Petroleum Summit organized by IN-VR Oil & Gas in Athens, May 7-8 2018.
A real treasure is the the maritime area off Crete and inthe Ionian Sea, Bassias reportedly said adding that the estimates for the deposit resources are based on the similarities between the regions of western Greece with the area where the Zohr natural gas field was found [off Egypt] and the similarities that exist in the areas south of Crete with those of the ‘Calypso’ and ‘Onesiforos’ fields in Cyprus.
Therefore it is estimated that reserves of natural gas in Greece are at least 4 trillion cubic feet or could be up to 30 trillion cubic feet, while oil reserves are estimated at three billion barrels.
He noted that noted that the first drilling in the areas of Patras Bay and Katakolo, North and South Peloponnese, for which permissions were granted earlier, will take place by the end of 2019. According to Hellenic Petroleum (ELPE), there is a serious possibility that the resources will be some 140 million barrels.
Government profits from these resources are estimated at around 600 billion euros at a depth of 25 years and this money can start to flow into the state funds from the start of the signing of the operating contracts, Bassias has said according to Greek media.
The 2-day Med Petroleum Summit is held under the auspices and the full endorsement of the Hellenic Hydrocarbon Resources Management Company and the participation of high-level Ministry, NOC and Hydrocarbon Agency Officials from the Mediterranean, as well as key partners within the Med oil and gas industry.
With 24 billion a year Greece would be “swimming in money”, but it sounds too good to be true.