Real “gold” lies hidden in the underwater areas of the Ionian Sea and South Crete, a basin of 410,000 square kilometers, as -according to calculations by energy specialists in Europe and the USA- the economic benefit for Greece from hydrocarbon extraction could reach up to 100 billion euros.
Estimates for confirmed hydrocarbon deposits and natural gas reserves
Specifically, analyses by American and European energy institutes report that:
1. The estimated hydrocarbon reserves -without taking into account the areas southwest and south of Crete and in the Greek continental shelf of the Eastern Mediterranean, range between 2 and 4 billion barrels (in oil equivalent).
2. A study by the Greek Energy Forum (November 2021) reports potential natural gas reserves in Western Greece and Crete on the order of 70-90 trillion cubic feet, that is approximately 2-2.5 trillion cubic meters.
3. German estimates report over 2 trillion barrels -if the relevant calculations of the companies are confirmed-, which would overturn Europe’s energy map.
Multiple benefits for Greece
American sources report potential economic benefits that would range between 70 and 100 billion euros over 25 years. International economic observers note that Greece could have such revenues that from an energy-importing country, they would make it an exporting country, fully self-sufficient regarding its domestic market needs! A critical point -European analysts emphasize- is “the time duration for full emergence of the deposit, which theoretically requires 5-8 years”.
The fiscal and broader economic benefits are obvious:
- Energy self-sufficiency for the country, with multiple positive effects on the Greek market.
- Support for the pension system with new resources.
- Reduction in taxation, by replacing public revenues from energy.
- Cheaper energy costs for households and businesses, with parallel price drops for produced goods and services.
- Enormous public revenues from energy exports.
Positive developments and the illegal Turkish-Libyan memorandum
At the same time, however, the positive energy developments “tear apart” the illegal Turkish-Libyan memorandum. In practice, Turkey would in no way dare to prevent the American energy giant Exxon-Mobil from conducting research in the legitimate Greek EEZ! The hydrocarbon issue in Greece therefore contains enormous benefits at the geopolitical level as well, erasing Turkish claims.
As diplomats emphasize, “it essentially gives tremendous momentum to Greece’s strategy for further strengthening the country’s role as an energy supply center for Southeast Europe, a fact that was also confirmed during the work of the Partnership for Transatlantic Energy Cooperation (P-TEC)”.
Confirmed oil and natural gas deposits in Greece
According to research specialists, Greece has the following confirmed oil and natural gas deposits:
1. In Prinos-North Prinos, South Kavala, Epsilon, Epanomi.
2. In Western Katakolo and Alikes Zakynthou.
3. In Epirus, Aetolia-Acarnania, Northwestern Peloponnese, Ionian Sea.
4. West, southwest and south of Crete.
5. In areas of Thermaikos and the North Aegean.
Published in Apogeumatini
