The assurance that the two large companies Total and ExxonMobil maintain their investment interest in the concessions they have leased from the Greek state in order to proceed with exploration and exploitation of the hydrocarbon deposits, was given by the CEO of Hellenic Hydrocarbon Resources Management .
Speaking during the Regional Growth Conference held on June 3 to 5 in Patras, Aristophanes Stefatos stressed that “we have succeeded and attracted the investment interest of the two huge companies in the industry, Total and ExxonMobil. The fact that they are staying and are spending millions of euros means that they have seen something interesting”, he said, referring to their research activities in the two sea plots “West of Crete” and “Southwest of Crete”. It is noted that the consortium “Total-ExxonMobil – Hellenic Petroleum ” has undertaken to investigate and exploit the two concessions.
Recent information has it that the investment scheme intends to start seismic surveys in the area next Autumn.
Mr. Stefanos during the discussion insisted that “we must move at an intensive pace for the exploitation of hydrocarbon deposits as natural gas will be the fuel of the energy transition.” He sought to provide data and economic benefits that the production of natural gas will have for Greece.
As he said, “Hellenic Hydrocarbon Resources Management, based on the data it has from 24 interesting targets in the licensed plots, 85% of the estimated volumes in reserves are natural gas. “Just from the five most important goals”, continued Mr Stefatos, “a potential market of 250 billion can be created. For this reason, private investments of just 46 billion are required, while the state will have potential revenues of 56 billion “.
Mr. Stefatos stressed that these data will be verified only if the companies’ research begins. He also estimated that “if we move at an intensive pace and the data on the size of the deposits are confirmed, then Greece will be able to be a producer of natural gas for the next eight years.”
Latest News
Greece Becoming a ‘Refuge’ for German Pensioners
The government's policies to attract foreign property buyers to boot the economy is working, reports German newspaper Handelsblatt
Iran Activates Air Defense System- Reports of Attack by Israel
An Iranian official said explosions reported by Iran's media were the result of the activation of the country's air defense system, yet media reports attribute them to a drone attack by Israel
Poll: Greeks, EU Citizens Eager to Vote in European Elections
EU citizens are eager to vote in the upcoming elections for the European Parliament in June, with eight in 10 saying the current geopolitical situation makes voting imperative
Mitsotakis-Erdogan Meeting in Ankara Fixed for May 13
The Greek PM himself made the announcement from Brussels on Thursday, while he also responded to a question on Athens' intent to create a marine park in the central Aegean, an environmental initiative
Greece Aims to Boost Energy Capacity, Economy with Offshore Wind Farms
Greece’s Energy Ministry is pushing legislation to accelerate the construction of the first floating wind farms in Greek seas
Reuters: Greek Economy Surges After Decade of Pain
Nevertheless, the article also highlights some of the challenges facing the country, with a falling birthrate and labor shortages posing a threat to the long-term outlook
IMF: Greek Growth in 2024 at 2%; Debt to Ease to 158.8% of GDP This Year
Projected consumer prices are forecast to rise by 2.7%
Major Increase in Russian Natgas Imports by Greece in 1Q 2024
Russian state natgas exporter Gazprom dominated imports to the country, mostly through the overland pipeline entering via a northern frontier pipeline
Lamda Development Announces First Profitable Year for The Ellinikon Project
The ATHEX-listed developer reported 206 million euros in EBITDA for FY23, a 69%-percent increase from 2022 results
Europa Nostra Adds Sifnos, Serifos, Folegandros to Most Endangered List
Europa Nostra says three Greek islands are at risk due to surge in tourism development and rampant construction