
The eyes of BP and Eni through Libya are on Greek natural gas fields, since they see the upcoming discoveries as an opportunity to meet Europe’s great energy needs.
As reported to “NEA” newspaper by well-informed sources with a role in the ongoing investigations to identify possible natural gas targets in the maritime concessions of Crete and the Ionian Sea, “the recent statements of the president of the state oil company of Libya (NOC) regarding the intention to propose to Greece and Egypt the development of pipelines, were not accidental…”.
Farhat Bengdara during his November 2 interview with CNBC Asia said that Libya’s state oil company is considering building pipelines to carry natural gas to Egypt and Greece. He even claimed Libya’s entry into the EastMed Gas Forum, where the two aforementioned countries, Israel, France, Italy, Jordan and Palestine participate, in order to facilitate the development of natural gas infrastructure in the Eastern Mediterranean.
8 billion deal
A day earlier, the NOC chairman at an energy conference in Abu Dhabi announced an $8 billion deal with Italian energy major Eni to develop a gas field in Western Libya.
It should be noted that Eni has discovered in Egypt the largest natural gas field in the Southeast Mediterranean, Zor in Egypt, with a size of 30 trillion cubic feet (850 billion cubic meters). Bengdara also announced a second agreement with Eni and the other major energy giant, BP, to develop an offshore field in the Mediterranean.
According to the president of NOC, Libya’s gas reserves are estimated at 80 trillion cubic feet (2 trillion cubic meters).
natural gasSources speaking to “NEA” believe that behind the statements of the NOC official are the two oil giants Eni and BP who are seeking the energy supply of thirsty Europe.
According to the same sources, on the one hand the proposal for a pipeline in Greece shows the groups’ assessments of the existence of important deposits in Greece, on the other hand the goal of the multinationals is the synergies with the oil companies that are investigating the concessions for the transport to Europe of quantities of natural gas that will be discovered in Crete and the Ionian Sea.
Estimates
According to estimates that have come to the fore in Greece, the targets that have been identified in the maritime concessions hide around 70 to 90 trillion cubic feet (2 to 2.5 trillion cubic meters) of natural gas. Of course, nothing can be certain unless drilling is done.
Europe’s natural gas needs are great after the drastic limitation of Russian exports, which before the crisis reached about 170 billion cubic meters.
Today Europe’s needs are being covered through LNG. The nominal capacity of the infrastructure in 2021 was 144 billion cubic meters. The degree of efficiency is around 66% and this practically means that the actual capacity is 95 billion cubic meters.


Latest News

First major snow storm in Greece forecast for weekend
Including the possibility of blizzard-like conditions

New power plant eyed for Alexandroupolis vicinity
The go-ahead comes after approval this week by the board of directors of PPC and DEPA

Eight investment schemes table expression of interest for port of Volos
A relevant international tender foresees a minimum 67-percent stake in the specific port authority’s share capital.

USS George W. Bush anchors off Athens
The imposing USS George W. Bush aircraft carrier anchored in Faliro Bay

Greece moves up 9 spots in EIU’s Democracy Index; now in 25th place out of 167 countries
The country’s overall score rose to 7.97 last year, up from 7.56 in 2021, which placed Greece in 25th place

Reports: Ellington withdrawing from Attica Bank; Thrivest to participate in share cap increase
Ellington’s head of operations in Greece on Thursday resigned from the ATHEX-listed lender’s board of directors

Draft amendment aimed to prevent party formed by imprisoned GD cadre from vying in next election tabled
The draft bill is expected to land on Parliament’s floor on Tuesday

Covid-19 Greece: Public health officials point to decreased number of hospitalizations; slight hike in related fatalities
The number of intubated patients totaled 135, down from 153 in the third week of February.

Large industrial property in east Thessaloniki sold for 9.237 mln€ in auction
Total arrears – dating back to 2010 - owed to 225 former employees of the insolvent company total 11.5 million euros

Alpha Bank raises 400 mln€ from Tier 1 issue
The issue was oversubscribed by 5.7 times