Greece could have up to 3.5 billion barrels in fossil fuel deposits, HEREMA estimates

Greece could have up to 3.5 billion barrels in fossil fuel deposits, HEREMA estimates

Greece’s potential fossil fuels deposits may amount to 3.5 billion barrels of oil equivalent (BOE), according to an estimate presented by the Hellenic Hydrocarbons and Energy Sources Management Company (HEREMA) at an event to announce its new company identity and the expansion of its activities to offshore wind and the storage of natural gas and carbon dioxide.

According to HEREMA executives at the presentation last week, the potential ‘2C resources’ relate to the conclusions drawn on the basis of the geological characteristics and surveys conducted to date, not on fields or fossil fuel reserves located through drilling. The actual size of the deposits will pinned down more accurately once seismic surveys are completed and exploratory drilling is carried out in the areas where concessions have been given, in Crete and Western Greece.

The first exploratory drilling will be in the Ioannina area, by Energean. Seismic surveys have been completed in the Ionian (Energean/Helleniq Energy) and the data is now being analysed so that a decision can be made on whether to proceed with exploratory drilling. The relevant data has also been collected from the Ionio and Kyparissiakos regions by Helleniq Energy.

Expectations are highest for the sea regions west and southwest of Crete, where the ExxonMobil (70 pct) – Helleniq Energy (30 pct) consortium is conducting seismic surveys that are expected to be completed by the end of February, while exploratory drilling, if it takes place, will begin in 2025. [AMNA]

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