Greece Holds Potential for Energy Independence as HEREMA Estimates Gas Reserves at 680 Billion Cubic Meters

Athens, Greece - September 30, 2024: In a landmark announcement, the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) estimates that Greece possesses potential natural gas reserves of approximately 680 billion cubic meters (24 trillion cubic feet). These preliminary figures, unveiled in HEREMA's 2023 annual financial report, are based on data collected from offshore blocks in the promising Crete region and the Ionian Sea.

If confirmed, these reserves could reshape Greece's energy landscape. Not only would they be sufficient to meet current and future domestic gas demands, but they also hold the potential to transform Greece into a significant gas exporter by the end of the decade.

This optimistic outlook comes as eight hydrocarbon exploration and production contracts are underway across Greece. These contracts see major international players like ExxonMobil, HELLENiQ ENERGY, and Energean investing heavily in exploration efforts, particularly in offshore blocks within the Ionian Sea and regions west and southwest of Crete.

While 2023 focused heavily on preparatory work such as seismic surveys and data analysis, HEREMA anticipates key decisions regarding exploratory drilling to be finalized in 2024. The report highlights encouraging developments, including the successful completion of 3D seismic surveys and concrete plans for further exploration, particularly in collaboration with ExxonMobil in Crete.

Should these reserves be verified, Greece's gas deposits could rival the largest discoveries in the Eastern Mediterranean, including Egypt's massive Zohr field, which boasts reserves of 30 trillion cubic feet.

With Greece's current annual natural gas consumption estimated at 4 to 5 billion cubic meters, the economic implications of such substantial reserves are significant. The potential benefits range from substantial income tax revenues and production dividends to resource redistribution initiatives aimed at supporting local economies and propelling the country's energy transition.