Seismic surveys south of the Peloponnese and west of Crete began today by ExxonMobil to explore natural gas deposits, according to the Minister of Environment and Energy, Kostas Skrekas.
Speaking to national broadcaster ERT, he revealed that the search for hydrocarbons in Greece has begun. The ship is on its way. It casts and drags cables that emit signals and listens for the return of the signals so that it can determine the geological makeup.
The relevant NAVTEX, issued last Monday, provides that areas in the Ionian Sea, the Western Sea and west and east of Crete are reserved so that the ship Nanco Swift can carry out equipment deployment and seismic surveys.
“This may be the last large deposit we are investigating in SE Europe”
“The deposit that we suspect exists southwest of Crete and the Peloponnese is perhaps the last hope that the mining industry has to find a large natural gas deposit in the region of Eastern Europe,” the minister revealed to ERT, clarifying however that “until we drill down and see what’s really there, everything is just estimates.”
Read also: ExxonMobil scours Crete deposits
Seismic surveys will last 2 years. Based on their results, the consortium will decide whether to proceed with exploratory drilling or withdraw. If the investigations are deemed satisfactory, natural gas production may begin in 2027.
The schedule of surveys:
2022- 2024: Seismic surveys
2024-2026: Exploratory drilling
2026-2027: Field development
2027-2028: Natural Gas Production
Latest News
SYRIZA Votes for New Leader: A Pivotal Moment Amid Challenges
Whether the left-wing’s central efforts to reorganize and connect with regional members have borne fruit, will ultimately be revealed by the election numbers.
Greek Government Targets Record Investment Program and Tax Relief for Middle Class
The digitalization of transactions and measures introduced by the Ministry of Finance, such as the imputed taxation of professionals, generated an additional 1.8 billion euros.
Kasselakis Reveals Name of New Party: ‘Movement for Democracy’
Arriving at the venue, Kasselakis greeted his supporters warmly, saying, “You became the movement, and today we become a party.”
PM Mitsotakis on TikTok on ‘Gigabit Voucher’ Program
The "Gigabit Voucher" program will provide an array of benefits for households and small businesses, as Mitsotakis pointed out in his video post.
Presidential Decree Downgrading Art School Degrees in Question
The Council of State has challenged a presidential decree downgrading art school degrees, citing constitutional violations
Stormy Winds and Thunderstorms, as Cold Snap Hits Greece
Special units from the electricity distribution network HEDNO are working to restore damage caused to electric poles after trees fell on them due to the strong gusts in Preveza.
Fitch Ratings Maintains Greece at BBB-; Retains Stable Outlook
Fitch Ratings: Greece's ratings are supported by income per capita levels above and governance indicators in line with the 'BBB' median
Global Citrus Production Declines – Greece’s Outlook
In Greece, specifically, orange prices increased by 30.18% this Sept.
NATO Secretary General Rutte to visit Greece
Former Dutch PM Mark Rutte, the Alliance's new chief will first visit Ankara a day earlier to meet with Turkish leadership
PM Mitsotakis from Naxos: Decarbonization Fund to Facilitate Islands’ Green Transition
“The resources will help connect the islands to the mainland's electricity grid," he noted.