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Hydrocarbon reserves attract major oil firms
Key market players express interest
By Chryssa Liaggou
After some of the top seismic survey companies in the world vied for
the job of searching for hydrocarbons in the Ionian Sea and off southern
Crete, major oil companies including Exxon, Total and Statoil are now
expressing an interest to the Greek government in the utilization of
reserves under the country’s seas.
Kathimerini understands that
requests for information by medium-sized and large oil companies are
constantly reaching the government, while Exxon, Total, Statoil, Noble,
Delek and seven other companies have already lodged official expressions
of interest in Greek hydrocarbons with the competent government
officials.
The existing data, collected over the last couple of
years, constitute more than just good omens for the results of the
search process, and after this week’s announcement of the selection of
Norwegian surveying company Petroleum Geo-Services (PGS), the
utilization of the reserves is becoming more realistic.
The areas
for concession add up to 225 square kilometers, from the northern Ionian
to the south of Crete, and are considered among the less surveyed
locations internationally while also being very promising, given the
geological data collected by the Geological and Mining Studies Institute
of Greece in the past.
The data point to particularly interesting
reserves to the south of Corfu and off southern Crete. The indications
for Crete have been bolstered since the positive results of surveys and
drilling in the exclusive economic zones of Israel and Cyprus as these
areas belong to the same geological basin.
Although the industry
had known of these reserves for years, it is only now that their use is
becoming profitable, thanks to the rise in oil prices, while technology
has made the extraction of oil cheaper and easier too. | 
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