Over a period of the next seven to eight years, it is estimated that companies will invest some 500 million euros with the hopes of discovering oil and gas on land and in the sea off in western Greece, ANA-MPA reports.
Yannis Bassias, is the president of the state-owned company Hellenic Hydrocarbon Resources Management (HHRM) that negotiates exploration licenses. He stated in the report that there are a limited amount of companies that possess the technology and skills needed for such exploration.
In the Ionian and Cretan Seas, companies must use equipment that can reach down to depths greater than 3,000 meters (10,000 feet).
However, in the near future, such technology is expected to become more available, Bassias added. At that time, more information can be gathered determine if oil and gas production is actually feasible in this region.
According to ANA-MPA, Bassias also stated that, unlike the reserves in the Ionian and Cretan Seas, those in the Eastern Mediterranean are better known. The areas between Cyprus, Egypt and Israel, as well as in the Black Sea outside Romania, are feasible and proven reserves.
Licensing contracts for Ionian Sea hydrocarbon exploration, to be undertaken by a consortium of Hellenic Petroleum and REPSO, are expected to be ratified in Parliament.
The Greek legislative body will also discuss the licensing contracts for plots west and northwest of Crete by consortium of the Total/Exxon/Hellenic Petroleum companies. They will also be considering ratifying a contract for exploration of Block 10 by the company Hellenic Petroleum.
(With Information form ANA-MPA)