ECONOMY

Government to speed up hydrocarbon exploration, aims for first drilling in 2025

Government to speed up hydrocarbon exploration, aims for first drilling in 2025

The Greek government will announce initiatives to accelerate gas exploration in the Ionian Sea and in Crete, sources told state-run news agency AMNA on Saturday.

The aim is to make use of the window of opportunity created by the demand for diversified energy supply and to change the climate following the delays of the previous years.

The government intends to conclude seismic surveys, which give the first indications for the possible existence of deposits, in 1-2 years, ie in 2023-2024, complete research drillings, which confirm the size and the economic figures of the exploitation of the deposits in 3-4 years (2025-2026) and start gas production in 6-7 years (2028-2029).

The same oficials believe that the goals are realistic compared to the schedule of other countries in the region, such as Egypt and Israel. They also cited the example of Hellenic Petroleum, which carried out seismic surveys in areas of the Ionian Sea in February within a few weeks.

[AMNA]