Greece eyes natural gas reserves in Crete

08:37 27/4/2024 - Πηγή: iEfimerida

Greek Development Minister Kostas Skrekas has expressed optimism about the potential discovery of natural gas reserves southwest of Crete.

Speaking at the 5th Eastern Mediterranean Business Summit of The Economist in New York,

Mr. Skrekas highlighted Greece’s commitment to phasing out fossil fuels since 2019, well before the war in Ukraine.

While Greece does not yet produce gas, Mr. Skrekas noted that Exxon Mobil is finalising its assessment of data collected over the past two years.

“The initial indications make us feel optimistic about what might be found beneath the seabed,” he said. However, he added, “To be honest, we first need to drill and see if it truly exists. We believe that by the end of 2025, the first exploratory drillings will begin, and then we will know.

“If we are so fortunate, then the size of the field — which is estimated to be found — will be sufficient for the energy security not only of Greece but of all of Europe.”

The minister acknowledged that time was required, citing similar experiences in Egypt and Cyprus.

He pointed out that one of the future challenges is the gaps in the gas and oil supply chain that contribute to price increases.

The minister referred to upcoming research southwest of Crete to determine if exploitable natural gas deposits exist in the maritime blocks.

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