The Ioannina Deposit Could Cover the Consumption of Greece for 10 Years, Skrekas Says

November 11, 2022

ATHENS – The Ioannina deposit could potentially cover the consumption of Greece for 10 years, Environment and Energy Minister Kostas Skrekas said on Friday on SKAI TV, while regarding the deposits of Crete he stated that if the seismic data findings are satisfactory, test drilling will be conducted in 2025.

Regarding the Ioannina field for which surveys have been completed by Energean, there will be test drilling (onshore) in 2023. “When we say serious chances for a pioneer field, meaning a field that has no previous drilling around it, …these are in the order of 15%, [even] below 15%, that is considered very likely.”

“Revenues depend on each concession and each contract signed with each concession holder. They could range from 40% to as much as 60% of the profits. When we talk about a possible deposit of 50 billion cubic meters in Ioannina, this corresponds to 500 million megawatt hours of natural gas. If a megawatt hour costs 100 euros today, we are talking about 5 billion euros in total value, if the deposit is tenfold [in size], we are talking about 50 billion euros at today’s prices prices,” Skrekas said. However, he clarified that this could change and it was not known whether these quantities exist.

Regarding the natural gas deposits in Crete, Skrekas noted that preparation was carried out so that the seismic prospecting would be done under the best possible conditions and with respect for the rules for the protection of the environment. “We are not going to make any shortcuts in the protection of the environment,” he clarified.

“From 2011 to 2020 there were surveys in just two areas, from 2021 to 2022 surveys were carried out in five areas,” he said. He explained that the pandemic had driven down fossil fuel prices to very low levels, causing companies to stop exploration. “TOTAL pulled out and ExxonMobile saw the opportunity, while HelleniQ Energy continued to support the effort,” he said.


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