At 25% the probability of finding natural gas in the Greek targets

Of Thanks to Floudopoulos

A recent study by the Southeastern European Energy Institute places the estimate for the size of Greek deposits in the Ionian and Crete at 70 to 90 trillion. cubic feet, with an estimated value of 250 billion euros.

This magnitude is based on research data that have emerged from seismic surveys that have been carried out and which have identified specific geological structures with a high probability of deposits there.

What are the chances of finding deposits in these structures? According to the assessment of IENE for each region there is a different success rate, which depends on the data available in the studies.

For example in Crete there is still a lot of work to be done as the seismic surveys that have been done are quite sparse. On the contrary, in several areas of the Ionian, the data are better and there is a chance of success of up to 25%, a percentage that for market experts is considered quite high.

The same applies to several areas in the Thermaic Gulf, where there are specific mapped areas where drilling can easily be done.

Also in several areas of the Ionian there is no need for three-dimensional seismic surveys but drilling can proceed with the existing two-dimensional seismic.

In any case, for the region south of Crete, it is estimated that there are satisfactory indications that could attract large companies, as long as large concessions are made, over 20 thousand square kilometers, as happened with the concessions in the south and west of the island where Total came. and ExxonMobil.

IENE supports the need for the return of investigations and the inclusion in the government’s agenda of the hydrocarbon case and in this context welcomes the recent announcements made by the Prime Minister.

It is noted that Greece has one of the highest rates of dependence on energy imports in Europe and in 2021 paid 8 billion euros for oil and gas imports, an amount that is expected to exceed 10 billion in 2022, reaching 6-7% of GDP.

As for what is needed to advance the development of Greek deposits, IENE estimates that strong political will is needed without regressions, stable economic and energy policy, encouragement of licensed companies as well as attracting new investors with new tenders in large marine areas with a lot of research data such as in the south of Crete.

The technical data that have been collected, especially in the last 10 years, show that the country has hydrocarbons, especially in the areas of Crete, the Ionian and Thassos. The quantities can reach up to 2 – 2.5 trillion. cubic meters, which potentially together with the reserves of Cyprus and Israel can cover 20% of the EU needs.

It is worth mentioning that as pointed out by IENE for every 1 TCF of potential deposit, investments of 2 billion euros are required, which means that, for example, for a possible 10TCF deposit in Crete, investments of 20 billion will be required. euro.

Finally, regarding the possibility of withdrawal from the concessions of Crete of large international companies, IENE estimates that such a withdrawal will be a surprise, as technically the companies “like” the projects while the strategies, despite the changes in the tactics, are difficult they change.

But even if they do leave the Institute estimates that there are other companies that are interested in the country and the specific regions.