Gas reserves estimated at up to 427 bln euros

Undersea natural gas reserves south of Crete could reap an estimated 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 also noted, however, that the scale and evaluation of the natural gas reserves have yet to be verified and have so far been based on 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 eight to 10 years. Meanwhile government coalition partner PASOK has tabled a bill in Parliament for the creation of a “Fund for the Social Solidarity of Generations” to collect the revenues seen stemming from the utilization of the country’s hydrocarbon reserves.

In its law proposal, PASOK estimates that the revenues for the state in the next 30 years will amount to 150 billion euros, taking into account that in countries with a similar geological structure to Greece some 50 percent goes into the country’s coffers while the rest goes toward covering the investment and operational costs of installations and contractors’ revenues.

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