Environment, Energy and Climate Change Minister Evangelos Livieratos visited on November 11 the research vessel 'Nordic Explorer' which arrived at the port of Patras to commence preliminary survey concerning potential offshore oil and gas deposits in the Ionian Sea and south of Crete. The objective of the survey is to understand the regional tectonic structures, identify sedimentary basins and identify petroleum systems and potential prospects.

In statements upon the vessel’s arrival, Livieratos noted the importance of the project for Greece’s geostrategic position in the region and the prospects opening up in the area for investments, growth and the creation of new jobs.

Following an international tender launched on January 2012, Greece selected Norway's Petroleum Geo-Services (PGS) to conduct the research, which will be carried out over a 220,000 km² area in the Ionian Sea and south of Crete and will last at least 3 months. Two Greek experts in Geosciences from the Environment Ministry will also be present on board, in order to monitor the procedure and receive training on the cutting-edge technology used by PGS.

The research is expected to be completed by the end of 2012, while the processing and interpretation of the data received will be ready by the summer of 2013, with the aim of launching tenders for oil and gas exploration in the area in mid-2014.

Greece, Cyprus and Israel are preparing to set up working groups in order to assess the possibility of forging a broad, three-way energy cooperation, following discussions in Nicosia between top government officials of the three countries last week.

 

The talks among Cypriot Minister of Commerce, Industry and Tourism Neoklis Sylikiotis, Greek Deputy Environment and Energy Minister Makis Papageorgiou and Israel’s Energy and Water Resources Minister Uzi Landau focused on potential cooperation, including their interconnection via an underwater electricity cable and the construction of a Mediterranean natural gas pipeline.

Environment, Energy & Climate Change Ministry: Press Release (in Greek) & Hydrocarbon Exploration in Greece; Greek News Agenda: Greece-Cyprus-Israel: Energy Bridge & Greece-Cyprus-Israel Cooperation Memorandum