Hydrocarbon exploration heats up in the Med

The “Nordic Explorer” vessel of Petroleum Geo-Services has set off on surveys in order to explore potential oil and gas reserves in the western and southern part of Greece, covering a total surface area of 225,000, in a zone extending between 100-400km off the coastline.

Seismic surveys will be completed in early 2013, while reliable estimations of existence of reserves are expected in 2-3 years (provided no obstacles occur due to the lack of a Greek EEZ). Drilling is foreseen to take place by 2018.

 The Greek Government is hoping the “giants” of the exploration industry will be attracted in biding for the seismic survey data –taking place in mid 2014 – from which 12-13 million euros of revenues are expected.

According to previous assessments, oil deposits in three areas in western Greece amount to approx. 250-300 million barrels, while reserves south of Crete are compared to those of the East Mediterranean Sea – on the grounds of geological similarities to the Levantine Basin.

From a biodiversity point of view, WWF Greece has noted in a series of letters to all responsible authorities that no measures have been taken in order to avoid the expected possibly detrimental impact on the cetaceans that use the area as one of their most important habitats in the entire Mediterranean. 

SourceAthens News Agency

Last modified onThursday, 04 May 2017 16:05
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