Greece Wants Foreign Energy Companies to Push Gas Hunt

ATHENS – Accelerating a timetable to get off dependency on Russian supplies, Greece wants foreign companies licensed to look for gas on land and off Crete to speed their drilling plans.

Russia’s invasion of Ukraine brought European Union sanctions but exempted buying energy because the bloc is so reliant on it, up to 40 percent of the needs, which has seen President Vladimir Putin use it as a weapon.

But at the same time the move to wean off Russian energy has seen Greece go back to using coal for years past a deadline when it was supposed to end later this decade, the New Democracy governments wants to find gas domestically.

State company Hellenic Hydrocarbon Resources Management (EDEY) will talk to Greek and foreign investors awarded natural gas exploration rights in northwestern Greece and off the island to push the drilling, said Kathimerini.

EDEY managers said the investors will be informed of the new priorities and timelines, including the completion of seismic research by the end of 2023, at the latest but hopefully in the spring of that year.

Sources not named told the enwspaper that there is already keen interest from more prospective investors for those areas and any potential new spots that would be opened for exploration.

In the only land area leased out, to London-based Energean, the state wants exploratory drilling in a less than one acre plot to begin by the end of 2023 and production to begin by 2025, if enough reserves are found, buoyed by gas reserves found in neighboring Albania.

In Area 2, west for Corfu, leased to a consortium made up of Energean and Hellenic Petroleum (HELPE,) there will be immediate 3-D seismic exploration followed by exploratory drilling in 2024.

The target reserves are said to extend beyond Greek waters, which means that, if exploitable reserves are found, revenue will be shared with another country, the report said of the hopes.

In the Ionian Sea and the Kyparissiakos Gulf off the west coast of the Peloponnese, where HELPE has exclusive rights, 2-D seismic research has just been concluded, to be followed by analysis before proceeding with 3-D research, with research in selected spots in 2023 and drilling set for 2024.

In areas off Crete, which were licensed to a consortium made up of Total, ExxonMobil and HELPE, research has been delayed by environmental groups protesting the plan but the government still hopes for 2-D drilling this winter,

EDEY management said an estimate of 250 billion euros ($270.41 billion) from hydrocarbon exploitation is based on oil prices between $60–$70 per barrel.


SERRES - Two men were arrested in the northern Greek city of Serres on Tuesday in relation to an explosion at the city's 9th primary school that killed an 11-year-old student and injured two boys aged 6 and 10.

Top Stories


A pregnant woman was driving in the HOV lane near Dallas.

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.


Warnock or Walker? Georgia Runoff to Settle Last Senate Seat

ATLANTA — Georgia voters on Tuesday are set to decide the final Senate contest in the country, choosing between Democratic Sen.

NEW YORK (AP) — Donald Trump’s company was convicted of tax fraud on Tuesday in a case brought by the Manhattan District Attorney, a significant repudiation of financial practices at the former president’s business.

With Cristiano Ronaldo on the bench, the superstar striker’s replacement scored a hat trick to lead Portugal over Switzerland 6-1 and into the World Cup quarterfinals on Tuesday.

Morocco became the first Arab nation and only the fourth African nation to advance to the World Cup quarterfinals, beating Spain 3-0 in a penalty shootout on Tuesday.

WASHINGTON — The Biden administration is still actively searching for ways to safeguard abortion access for millions of women, even as it bumps up against a complex web of strict new state laws enacted in the months after the Supreme Court stripped the constitutional right.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.