The Ioannina deposit could cover the consumption of Greece for 10 years, if it is borne out by the actual data, Environment and Energy Minister Kostas Skrekas told SKAI channel, while regarding the Crete deposits he stated that if the seismic data is satisfactory it will be test drilling in 2025.
Ioannina
In particular, as he noted, for the Ioannina field for which surveys have been completed by Energean, there will be test drilling (onshore) in 2023. “When we say serious chances for a pioneer field, meaning a field that has no previous drilling around it, it’s in the order of 15%, below 15%, that’s considered very likely.”
“Revenues depend on each concession and each contract signed with each concession holder. They could range from 40% to as much as 60% of the wells’ profits. When we talk about a possible deposit of 50 billion cubic meters in Ioannina corresponds to 500 million megawatt hours of natural gas, if a megawatt hour is 100 euros today, we are talking about 5 billion euros in total value, if it is ten times the deposit, we are talking about 50 billion euros at today’s prices,” said Mr. Skrekas, however he clarified that the data is in flux and we do not know if we have these quantities.
Crete
Regarding the natural gas deposits in Crete, Kostas Skrekas noted that there was a preparation so that the seismic surveys would be undertaken with care for the protection of the environment.
“From 2011 to 2020 we had investigations in just two areas, from 2021 to 2022 we conducted surveys in five areas,” he said. He explained that the pandemic has driven hydrocarbon prices to zero, causing companies to stop exploration. “TOTAL pulled out and ExxonMobile saw the opportunity, while Helleniq Energy continued to support the effort,” he said.
As Mr. Skrekas pointed out, for there to be companies that are willing to invest huge amounts, and to proceed with expensive test drilling, they have to have valid evidence of serious chances of finding a large exploitable natural gas field.
“In 2025, if the seismic data is satisfactory, we expect the first test drilling in the area, and if the test drilling confirms the seismic data, we will proceed in 2027-2028, that is, in just two and a half years after the first test drilling has been implemented, we will have the 1st productive drilling, in a marine area in Greece” he underlined.
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