Oil and Gas Reserves in Greek Seas



AF0FD464FCEA8F5C3BD5C9F2D3EA964AAccording to Ethnos, four areas in Greece show ‘great potential’ of having deposits of hydrocarbons (oil and gas).

The first region starts at the northwest of Corfu, on the Albanian border and extends down to Paxos and Antipaxos, to the sea area of ​​the Ionian opposite the Ambracian Gulf.

The second area is west of Kefalonia and reaches the third sea off  Katakolo. Moreover, oil and gas deposits were found in the area south of Crete.

The reserves cover a vast sea area of ​​18,500 square kilometers and are the first step towards a contract rounds concessions for oil exploration, which according to the Energy Minister, Yannis Maniatis, is being planned for 2014.

Together with the 12,500 km of data from surveys of the Norwegians, PGS will sell 6,000 km more, according to data from earlier surveys in the National Archive of Hydrocarbons.

Provided that it adheres to the schedule, during the first half of 2015 research areas will be awarded to companies and the first estimated drilling will immediately begin, which is expected to last from 2018 to 2019.