
The dossier of the investigation for the identification of possible natural gas deposits in Greece is being taken out of the drawer again by the government after the upheavals caused by the war in Ukraine in energy efficiency.
According to information available to OT, a meeting was held at Maximos Mansion at noon on Saturday under the Prime Minister Kyriakos Mitsotakis and with the participation of the Minister of Environment and Energy Costas Skrekas, the Secretary General of Energy Alexandra Sdoukou, the Chief Executive Officer and CEO of Hellenic Petroleum Andreas Shiamishis.
The participants in the meeting provided an overview of the progress of exploration and exploitation of hydrocarbons, in the intended EU effort so that Greece can become independent of Russian gas. The search for new energy sources is high on the government’s agenda and therefore, according to sources, the meeting at the Maximos Mansion marks a reflection of the government’s attitude towards hydrocarbon exploration. Something that OT had revealed in a post on February 17. The government had begun to catch the thread… of the gas exploration project πριν before the Russian invasion of Ukraine, but the latest dramatic events are accelerating developments.
The latest move to show a change in the government’s stance until now due to the emphasis on “green” energy, was the seismic surveys carried out by Hellenic Petroleum for two weeks last month on their two concessions “Ionion” and “block 10”. The two sea plots are located on the side of the Ionian Sea and the Hellenic Petroleum leased the special seismographic vessel “SW COOK” for geophysical surveys.
The deposits of Crete
According to the same information, the two very promising sea blocks “West of Crete” and “Southwest of Crete” were put on the table. These concessions, like those of the Ionian Sea, are said to have targets with possible natural gas deposits. Recently, EDEY has made it known that in our country there are possible targets that hide natural gas deposits worth 250 billion euros.
As for the two sea plots of Crete, they have been granted to the consortium of companies TotalEnergies – ExxonMobil – HEL.PE. However, the seismic surveys that the oil companies were going to do this winter have been blocked in the CoE due to appeals made by ecological organizations against the Strategic Environmental Impact Study. The investigations are in the air, as the trial of the case has been postponed for four times in a period of three years. So for their start but mainly for the stay of the two major multinationals in Greece requires a strong government signal that shows that there is the political will for gas exploration in our country.
Energy mix
However, apart from the aforementioned extended meeting on hydrocarbons, there was also a private discussion between Kyriakos Mitsotakis and Costas Skrekas.
According to information, the minister informed the prime minister about the situation regarding the energy adequacy of the market but the issue of the spike in oil and gas prices. As it is known, the government has prepared Plan B in case of violent interruption of the supply of Russian gas to our country. The alternative sources are the LNG stored at the DESFA terminal in Revythousa, the increase of the quantities of natural gas from Azerbaijan through the TAP pipeline and the further utilization of the lignite power plants of PPC. Also gas units with an output of 1 GW will turn on their turbines to consume oil if needed.
Next week, Brussels is expected to announce a plan for gas dependence moves, without deviating from the Green Deal goals and faster penetration of RES.
Prices
The Energy Minister also informed the Prime Minister about the course of gas prices, which last week broke a season record after being launched at the level of 200 euros / MWh. As much as the Russian official Medvedev had warned about two weeks ago.
The Greek Government will continue to promote in Brussels its proposal for the creation of a European Solidarity Mechanism, which will raise funds from the EIB and finance Member States with low-interest loans for policies: Either subsidizing electricity and gas bills or to impose a ceiling on wholesale electricity prices while subsidizing electricity costs.
In the government, the headache from the issue of energy costs is strong, say the information of OT. If the prices of TTF natural gas continue their frenetic course then the 2.5 billion euros to subsidize (with resources from pollution rights) will not be enough to limit a significant part of price increases. One will also need to mobilize resources from the state budget. And that is when the budgetary implications will be more than visible, and they will arrive much sooner than expected.


Latest News

Greece Faces Renewed Fears of Water Crisis Ahead of Summer 2025
Following a prolonged drought that began in 2024, fears of a water crisis highlight the urgent need for infrastructure improvements

Harvard, Yale, Columbia, and More Seek Collaboration with Greek Unis
Greece's former Minister of Education Kyriakos Pierrakakis announces an €82 million funding boost to support the partnerships

Greek Government Reshuffle Brings in More Young Technocrats
Greek PM Mitsotakis has brought in younger leaders and technocrats in a bid to accelerate the government's efforts at modernization and efficiency, according to New Democracy insiders

Greece’s New Government Members Sworn in at Presidential Mansion
Greece's new government members were sworn in on Saturday morning and head straight to work through the first meeting of the new cabinet.

Moody’s Upgrades Greece to Investment Grade, Ending Crisis Era
The rating agency raised Greece’s long-term credit rating to Baa3 from Ba1, with a stable outlook.

EFET on World Consumer Day: Humanity Faces New Challenges
This year’s message emphasizes the need for a transition to sustainable lifestyles while safeguarding consumers’ legally recognized rights. This means ensuring access to essential goods such as food and energy, as well as health and safety.

Athens Hotels Lead Europe in Value Growth for Third Year
Over the entire period from 2015 to 2024, the average annual increase in hotel value was 6.1%.

Unemployment Rate in Greece Down 8.9% in January: IOBE
The unemployment rate in Greece recorded a further decline in January 2025, reaching 8.9%, according to the latest Foundation for Economic & Industrial Research (IOBE) report.

Demand for Short Term Rentals in Greece Surges Ahead of Easter
Among the most popular Easter destinations from Good Friday to Easter Monday are Corfu, Hydra, the Peloponnese, Ioannina, Patmos, Loutra Edipsou, Kavala, Thassos, and Pelion

Opposition Reacts Strongly to Greek Government Reshuffle
PASOK's spokesperson, Kostas Tsoukalas, characterized the reshuffle as a clear indication of Mitsotakis' "strategic deadlock."