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.


  1. Dirty little secret….there is oil all over the place, but it’s another question if it’s worth getting it out. On land, a “find” of 30,000 barrels wont pay for the drilling, never mind the infrastructure. At sea, it’s several times more expensive.

    I like to see Greece FLOODED with oil, but it’s not likely.

  2. THese oil reserves MUST ONLY belong to the Hellenic Republic and not to foreign companies

  3. Vote Golden Dawn and these Oil & Gas reserves WILL belong to the Hellenic Republic. All other political parties in Greece will sell off all these reserves to multinational companies for very little profit.

  4. I cannot agree. Golden dawn has policies and actions which are an affront to Hellenism. Similar views lead to the Civil War that my father saw and which he will never forget.

  5. These Oil/Gas deposits in western Greece can be exploited with the company that gives Greece the best deal.
    Oil/Gas deposits in Eastern Greece is a whole different story. There Greece will need to sign with an international company that can offer military backing. That would be either England, France, Russia, or the US. The US always stands behind Turkey so it is not a good selecton. Russia’s politics are volatile and oftentimes anti-EU so they are not a good choice either. That leaves either France or England. Let’s see who Greece chooses.

  6. How come no one is talking about the potential environmental disaster of drilling for oil off of Greece??? Even if there was not a spill, the act of drilling is highly toxic to marine life and humans. This could be a disaster to the tourist industry.