Stefatos: “Strong investment interest from Total and ExxonMobil in Greek hydrocarbons”

The assurance that the two large companies Total and ExxonMobil maintain their investment interest in the concessions they have leased from the Greek state in order to proceed with exploration and exploitation of the hydrocarbon deposits, was given by the CEO of Hellenic Hydrocarbon Resources Management .

Speaking during the Regional Growth Conference held on June 3 to 5 in Patras, Aristophanes Stefatos stressed that “we have succeeded and attracted the investment interest of the two huge companies in the industry, Total and ExxonMobil. The fact that they are staying and are spending millions of euros means that they have seen something interesting”, he said, referring to their research activities in the two sea plots “West of Crete” and “Southwest of Crete”. It is noted that the  consortium “Total-ExxonMobil – Hellenic Petroleum ” has undertaken to investigate and exploit the two concessions.

Recent information has it that the investment scheme intends to start seismic surveys in the area next Autumn.

Mr. Stefanos during the discussion insisted that “we must move at an intensive pace for the exploitation of hydrocarbon deposits as natural gas will be the fuel of the energy transition.” He sought to provide data and economic benefits that  the production of natural gas will have for Greece.

As he said, “Hellenic Hydrocarbon Resources Management, based on the data it has from 24 interesting targets in the licensed plots, 85% of the estimated volumes in reserves are natural gas. “Just from the five most important goals”, continued Mr Stefatos, “a potential market of 250 billion can be created. For this reason, private investments of just 46 billion are required, while the state will have potential revenues of 56 billion “.

Mr. Stefatos stressed that these data will be verified only if the companies’ research begins. He also estimated that “if we move at an intensive pace and the data on the size of the deposits are confirmed, then Greece will be able to be a producer of natural gas for the next eight years.”