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Home / greece / Oil and gas in Ionian and Crete: What "hid" the deposits? What did the head of EDEY, Yannis Basias, reveal?

Oil and gas in Ionian and Crete: What "hid" the deposits? What did the head of EDEY, Yannis Basias, reveal?



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As mentioned by the head of EDEY during the event, with the support of the Southeast European Energy Institute (IENE), there are areas such as the west, southwest and south of Crete but also in the southern Ionian where the probability of having large deposits , gas, is great and that's why big companies appeared.

Giannis Basias clarified, however, that Greece is currently researching and not mining, except in Prinos, where 1% of the country's needs are produced daily.

500 million barrels

"This means that if we really mean to be entering the period and the region of producing countries, we will have to find deposits that are 500 million barrels or 3 trillion cubic feet in the exploration period," he said.

According to speakers, the importance of oil and natural gas in Greece is a sine qua non, especially given the country's almost absolute dependence on imports and the enormous cost it entails – in the last decade it has averaged 5.5 % of GDP (!).

According to Yiannis Bassias, the research should continue and, as he said, "after five years, we will talk about significant drilling and probably exploitable productions, mining operations." It should be noted that the concessions made to date total 13. According to EDEY's president and CEO, the reasons for such great interest are the many gas discoveries in the wider region, the new geological model for 2015 in the Mediterranean (deposits in carbonate rocks), the progressive improvement of drilling in deep waters and overfishing (over 3,000 meters) and the development of technology.

Key Rights

"The guarantee of sovereign rights has now passed for hydrocarbon research," said Yene CEO Costis Stambolis, among other things. "Not only in Greece, in many countries. Although sovereign rights are not limited to hydrocarbons, they are an essential ingredient."

Impulse of development. George Stassinos, president of the Technical Chamber of Greece (TEE), stood out particularly strongly at the time of energy development. "Energy, in all its forms, can provide great growth momentum for the country and many jobs," he said, among others.

In the five new lands, one is bordered by Total 2 – EL.PE – Edison, the second with lot 10 of the Gulf of Kyparissiakos, the third to the south of Messinian Bay, and reaches Chania, while the two of Crete are located to the south of the island, below Gavdos and Lassithi.

In a recent interview given by the Director of Health, Safety, Environment for "HELLENIC PETROLEUM Hydrocarbon Research and Production SA", George Mykoniatis and asked about the expected economic and social benefits of the use of hydrocarbons in Greece, pointed out that only profitable reserves Of Patraikos "It will pay 200 million a year to the state through taxes on rental contracts and 20 million a year to the local government of the so-called regional tax," meaning in a 25-year horizon of 5 billion for the state, which through the National Solidarity Fund will be made available to the state and social security system of the country, according to the Norwegian model. Likewise, for local communities, he explains that "a deposit of 120-140 million barrels in 25 years means 300 direct jobs and 900 indirect jobs".


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