Greek natural gas reserves could reach 427 bln euros according to Deutsche Bank report

Undersea natural gas reserves south of Crete could reach an estimated value of up to at 427 billion euros, according to a Deutsche Bank report published in November .

The German lender’s report notes that the Greek government has commissioned preliminary seismology studies, with initial results expected in mid 2013.

The report, however, also noted that the scale and evaluation of the natural gas reserves have yet to be verified and have so far been based on gas finds in the Levantine Basin in the Eastern Mediterranean, a sea area between Cyprus, Turkey, Syria, Israel, Egypt and Lebanon.

According to the report, revenues stemming from the exploitation of the natural gas reserves could be expected in no fewer than 8 to 10 years.