Greece to accelerate hydrocarbon reserves exploration in wake of energy crisis

Greece will accelerate the exploration for hydrocarbon reserves procedures as part of efforts to achieve energy security amidst a testing international environment, Greek Prime Minister Kyriakos Mitsotakis announced on Tuesday.

"We need to know as a country with certainty whether there are (natural) gas reserves that are economically viable (to extract). We will know this for sure by the end of 2023," he said during a visit to the Hellenic Hydrocarbon Resources Management (HHRM) company, according to Greek national broadcaster ERT.

In such explorations there are no guarantees for the outcome, the Greek leader noted, adding however that indications so far support a cautious optimism.

According to studies by HHRM and the Athens-based nongovernmental organization Institute of Energy for Southeast Europe (IENE) Greek reserves may be worth 250 billion euros (270.7 billion U.S. dollars), Greek newspaper "Kathimerini" (Daily) reported on Tuesday.

Due to the enormous increase in energy costs lately, Greece reviewed its strategy, Mitsotakis explained. In addition to seeking an important role in the energy landscape as a transfer hub, the country will also boost efforts to determine whether it can also be a natural gas producer in the future, he said.

One land area and five offshore areas mainly in western Greece and off Crete island were chosen for the accelerated explorations, Greek national news agency AMNA reported.

Concessions for exploration in these areas have been awarded in the past and there were already ongoing seismic surveys, AMNA noted. (1 euro= 1.08 U.S. dollars)