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Early seismic data suggests large gas deposits south of Crete

Gas, Greece, Crete, Energy, Oil, Navigator, Invest, Consulting

Following seismic research conducted by the Hellenic Petroleum (HELPE), Greece’s largest oil refiner, significant evidence has been reported of the possibility of a large natural gas reserve south of Crete.

Regional seismic data indicates that the area could contain natural gas deposits measuring 280 billion cubic metres. If this amount is confirmed, the deposit south of Crete will be equivalent, in terms of quantity, to that of Israel’s Tamar field or double the Aphrodite field within Cyprus’ Exclusive Economic Zone.

HELPE, in consortium with ExxonMobil and Total, were awarded a license to search for hydrocarbons off the island of Crete last summer. Norwegian company PGS had previously reprocessed seismic data that was collected through surveys conducted south of Crete as well as in the Ionian Sea, on Greece’s west side, between 2012 and 2013.

If the indications of 280 billion cubic metres gas deposits are confirmed by drilling activities, then Greece’s needs would be covered for the next 70 years.

While it is early to speculate on the final deposit size, it is understood that exploratory drilling will now start.

Navigator Consulting and NavInvest Greece provide due diligence, market analysis, business planning and valuation services in Greece and internationally. For support in investing in Greece, please contact us.


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