Reuters reported that offshore natural gas could lead to a significant economic turnaround for Greece if a study indicating that the country’s reserves are worth $600 billion is confirmed. The downside is that it will take years to explore and develop the sector.
As quoted in the market news:
The study, collating existing scientific data, says that geological similarities indicate that reserves offshore Crete may match the prolific Levantine Basin where recent Israeli and Cypriot discoveries are clustered.
It points to strategically significant reserves in Greek waters south of Crete in the range of 3.5 trillion cubic meters (Tcm), enough to cover over six years of EU gas demand, and the equivalent of about 1.5 billion barrels of oil.