Hopes of big natural gas reserves

The Greek government, the country’s Hydrocarbons and Energy Resources Management Company (EDEYEP) and the companies involved in exploring for hydrocarbons – mainly natural gas, but also oil – west and southwest of the Greek coast, have to balance the need for quick results with the geopolitical realities of the region.

ExxonMobil’s request to expand the area designated in a navigational warning (Navtex) earlier in November is based on its assessment of two-dimensional seismic data collected by Norwegian company PGS a decade ago, which point to a great likelihood of significant natural gas reserves.

The involvement of the US oil giant, in a consortium with HelleniQ Energy (formerly Hellenic Petroleum), and its initiative to demand the expansion of exploration is seen by Greek officials as an indication that the US government also approves of the project.

Kathimerini also understands that another oil major, Chevron, wants in by teaming up with HelleniQ and buying part of its share in the project.

The total area designated for exploration west and southwest of mainland Greece and Crete is 40,000 square kilometers.

In 2019, a top manager in what was then Hellenic Petroleum had estimated that natural gas reserves could reach 280 billion cubic meters, enough to cover Greece’s needs for 50 years.

An EDEYEP study had estimated the value of Greece’s reserves at €250 billion and that was before the recent steep rise in energy prices.

EDEYEP CEO Aristophanes Stefatos told Kathimerini that the “ambitious, but realistic” exploration program will lead to exploratory drillings “within the next three years.” Lately, EDEYEP and the ExxonMobil-led consortium have talked about drilling starting before 2025.