Research-Analysis: How hydrocarbon revenues are distributed in Greece
Research – Analysis: Prof. Giannis Maniatis
With the collaboration of postgraduate students / three: Oresti Giannouli, Marianna Liarou, Evitas Pothitaki
“K” publishes the second part for hydrocarbon exploration. Greece with the Verbal Communication of the Greek ambassador to the United Nations announced from May 8, 2012 and then on February 20, 2013, the new Greek legislation on its external borders EEZ, that is, long before the publication of the absurd and illegal “Blue Homeland” of Turkey. At the same time, in June 2013 we legislated, based on the Norwegian model, the creation of National Generation Social Solidarity Account (Law 4162/2013), according to which the total revenues from hydrocarbons can not be allocated to consumer expenditures, but is intended to support the national insurance system, research programs by Greek research institutes or universities, as well as green development actions in the regions, where deposits are located. For the operation of the Account, an Ethics Advisory Board is established to regulate all issues related to the management of its assets.
Utilization of sea plots in the Ionian and southern Crete
In November 2014, the big tender was announced for the 20 offshore plots in the Ionian Sea and south of Crete. To date, with contracts, all ratified by the Greek Parliament and promoted by the last three Greek governments, twelve (12) sea and land areas of the country have been assigned to joint ventures of large hydrocarbon exploration and exploitation companies, always with the participation of Greek Hellenic Petroleum (ELPE) and Energean.
In recent years, many of these companies have returned to the research areas in the Greek State for a number of reasons. The most recent ratification of a contract by the Parliament concerned the two large offshore plots, south and south of Crete, which have been assigned to the consortium ExxonMobil – Total – ELPE. Recently, in the Council of State (CoS), the appeal against the Strategic Environmental Impact Assessment (SEA) of 2019 was postponed for the fourth consecutive time, with the forecast to discuss October 2022.
At 250 billion. The potential value of Greek deposits is estimated at euros
The management of the National Hydrocarbon Management Company (EDEY), at an international conference in 2020, the official findings of the public company for the estimates of deposits in Greece. In the marine area that has been researched and identified more than 30 candidate “targets”. According to the same official announcement, “provided that a quarter of the drillings in the geological structures located in the Ionian Sea and south and west of Crete will be successful, these structures could accommodate reserves of the order of 12 billion barrels of oil equivalent or 70 trillion cubic feet of gas. The development of domestic gas production is fully compatible with the green agenda, as it contributes to the implementation of the objectives and to the acceleration of the development of renewable energy technologies. “Given that gas is the best option available to us to move directly to a low-emission economy, it is safe to assume that it will remain relevant for decades to come.” Similar estimates have recently been expressed by the current administration of EDEY (2021), according to studies “our studies show that the potential value of hydrocarbon deposits in Greece is of the order of 250 billion. euro”. Regarding the exploitation time, it is recalled that Egypt exploited the giant Zohr gas field in just 2.5 years from its discovery and even constructed and transported it to the coasts of Egypt.
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