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Friday, May 20, 2022

Serious indications of significant natural gas deposits in Crete

“There are solid indications that Greece – and in particular Crete – could host significant natural gas deposits,” said Aristophanes Stefatos, CEO of the Hellenic Hydrocarbon Management Company (EDEY), speaking at a conference in Chania.

“Our mission is to encourage investors in every way possible to quickly proceed with the necessary seismic and geological surveys to clarify the existence, size and potential value of these deposits,” he said.

Mr Stefatos referred to the necessity of the use of natural gas as a transitional fuel on the road to the energy transition, as well as to the current situation of the energy crisis. According to the CEO of EDEY, “Electricity producers in Europe pay 90 euros per megawatt-hour for natural gas, while their counterparts in Egypt and Israel, countries of the Eastern Mediterranean basin, which are producers of natural gas, settle a long-term contract with 12 euros per megawatt-hour ”.

“This means that Greece currently has a unique opportunity to develop research and development activities for gas fields, contributing to the promotion of” green “transition and security of supply and gaining significant economic and geostrategic benefits in the process,” he concluded.

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