Greece may have more than 600 billion cubic meters of recoverable natural gas reserves, Aristophanes Stefatos, head of the Hellenic Hydrocarbon Management Company (EDEY), told Reuters.
As Mr. Stefatos specifically said, “in terms of volumes, our estimates at the moment say that 85% of the total test reserves are in fact natural gas.”
According to him, “preliminary target assessments indicate more than 600 bcm (billion cubic meters) of recoverable reserves.”
According to Reuters, collecting seismic data through research vessels is a key step in locating potential stocks. Greece intends to complete the first round of all seismic surveys by March 2023.
The consortium of TotalEnergies, Exxon Mobil and ELPE with a license to explore two plots off Crete, has not yet completed the process.
As the publication also notes, environmental groups have appealed to the authorities for the possible consequences of the search for natural gas off the coast of Crete and a court decision is pending.
However, Mr. Stefatos claimed that the arguments of the appeal are mainly “legal techniques” and stated that EDEY is “quite optimistic” that it will win the case.
At the same time, he stressed that Greece’s priority is to look for natural gas and not oil, something that “eliminates the possibility of an oil spill and minimizes any environmental risks.”
According to the Reuters article, Greece, which sees natural gas as a transitional fuel as it enhances renewable energy sources, has in the past produced small amounts of oil and has tried to explore its potential for hydrocarbon exports.
But a shift to green energy and a lack of political will have hampered the country’s plans, he added.
However, as Mr. Stefatos stated, “what has changed is the sense of urgency to promote the development of the upstream sector (exploration and production) of Greece.”
“Now that prices and market demand have returned to high levels … we have the conditions to accelerate all these efforts,” he added.
Source: Capital
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