Greece can help resolve Europe's energy insecurity with its untapped resources - PM

Greece can help resolve Europe's energy insecurity with its untapped resources, Prime Minister Antonis Samaras said on Monday. "There is the potential for very substantial sources in our area," Samaras told an international energy conference in Athens....

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Greece can help resolve Europe's energy insecurity with its untapped resources - PM



Balkans.com Business News Correspondent - 26.02.2013

Greece can help resolve Europe's energy insecurity with its untapped resources, Prime Minister Antonis Samaras said on Monday. "There is the potential for very substantial sources in our area," Samaras told an international energy conference in Athens.

"Greece can play a key role to alleviate ... Europe's energy insecurity," he added reports Global Post.

The cash-strapped Greek state hopes for several billion euros (dollars) in revenue over the next 15 years from hydrocarbon caches which it believes lie in the Ionian Sea and near Crete.

The gulf of Patras is thought to hold some 200 million barrels of crude oil, while another 50-80 million barrels are believed to lie near Ioannina and another three million barrels near Katakolo. 

Greece last year picked a Norwegian contractor to carry out seismic surveys in the Ionian Sea and south of Crete in search for oil and gas.

Drilling contracts for the region are to be issued in 2014.


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