Hellenic Hydrocarbon Management Company – Discussions with TotalEnergies and ExxonMobil and for “green” investments in Greece

Hellenic Hydrocarbon Management Company (EDEY) presents to oil giants the “green” investment opportunities based on the research for the location of natural gas deposits in the country’s offshore concessions, especially in the south and west of Crete.

“Opportunities and prospects”, according to the CEO of EDEY Aristophanes Stefatos, “that can cooperate with the upstream and lead the country and the oil companies themselves to the climate-neutral era”

During an informative meeting that Mr. Stefatos had with journalists, he supported the golden opportunity that Greece has for the exploitation of natural gas deposits “the fuel that will be a bridge for the energy transition”, as he characteristically said. On the occasion of the developments caused by the energy crisis, the CEO of EDEY considers that the value of the potential reserves that the country may have is multiplying.

According to him: “Based on our studies, there are potential reserves worth 250 billion euros in five of the most probable targets of the plots that have been granted in our country for the location of natural gas deposits. Natural gas, after the increase by 250% of the price, gives greater value to the mineral wealth of our country. It will play the role of the bridge-fuel to the climate-neutral era “. He noted that the calculation of 250 billion euros is made with the prices of crude at 50 to 60 dollars per barrel, that is, before the current explosive rise and the revenues for the Greek state in a depth of 25 years can reach 56 billion euros with private investments of 46 billion. euro.

If the explorations are completed in our country and drillings are carried out, then, according to the calculations of EDEY, in the Greek subsoil there are hidden quantities of natural gas almost equal to those of the Zor deposit in Egypt. This is the greatest discovery in the Southeastern Mediterranean region.

Off shore wind and “green” hydrogen

Mr. Stefatos in the press conference argued that the oil companies can use the opportunities that our country gives for the simultaneous development of floating wind farms, the production of “green” hydrogen from the desalination of seawater and underground storage of carbon dioxide.

According to what he said, our country can thus be transformed into an energy hub of the region for the energy transition, while the oil companies, according to him, have an important opportunity to diversify their energy portfolio.

Referring to the potential of the oil giants for the exercise of other business activities, he said that it is possible for them to develop technological synergies. He cited the Norwegian model as an example.

He himself announced the organization by the Hellenic Hydrocarbon Management Company of an “operators forum” through which the state-owned company talks to investors who have leased exploration and exploitation rights in Greece. As HHRM said, it has presented these opportunities to the investors, while he stressed that the result of the possible synergies “is co-formed with them”.

Surveys off Crete

The CEO of EDEY was also asked about the developments in the exploration of natural gas deposits in the offshore plots of Crete. He noted that he expects information from the consortium of Total Energies – ExxonMobil – Hellenic Petroleum about the time of the start of additional seismic surveys in the two maritime concessions that have been leased from the Greek state, “West” and “Southwest of Crete”. He explained that the companies, according to their contractual obligations, have the margin to carry out the seismic until October 2022: “It is the last window that we have agreed with the consortium for the specific phase of its research program. The new investment rules based on environmental criteria, the pandemic but also the removal of Europe from the hydrocarbon sector has caused a total crackdown in the oil industry. We,” continued Stefatos,”expect us to be informed about their investment plan. I hope they will come with positive news “.