Greece News Weekly World

The largest natural deposit in the world in Crete

NATURAL GAS worth € 600.000.000.000

An Amazing scientific proven discovery that could mean enormous economic benefits to Greece, a solution to the pension insurance and securing tens/hundreds of thousands of jobs for at least 50 plus years.

Really, what would you say if you were told that Greece has more natural gas than Qatar and that the largest deposit in the world are in the southwest of Crete?

According to Thanassis Lyttsogiannis, in last Sunday’s Kontranews, Greece may have 600 billion euros of revenue from the exploitation of hydrocarbon deposits.

The figure is absolutely accurate, according to scientists specializing in hydrocarbons. This means that Greece is indeed a modern El Dorado, a phrase that in the past some people in Greece mocked as hyperbola. What would the exploitation of natural resource deposits in Greece mean?

The first and most tangible is that there would be no risk of a collapse in the insurance and pensions system, as it is foreseen that a very significant part of the revenues from hydrocarbons will be directed to the country’s insurance system (only from the deposit on the western Patras cove the revenue would be $ 4.5 billion). It also means that the debt would no longer be a problem for the country, unemployment would be eliminated altogether, hundreds of thousands of well-paid jobs would be created, a vigorous industry will be created. If the model of Norway and not of Nigeria are adopted, Greece could progress by investing in research, technology and innovation in the local industry.

It may sound like a fairy tale to some. Despite these claims seeming bloated, the testimonies of reputable scientists and the intense interest of multinational giants reveal that it is not a fictitious scenario but a potential reality waiting to eventuate.

It was criminal goverments at the helm of Greece since 1996, who placed a gravestone and delayed the exploration of the use of hydrocarbons in Greece. It took the determined and courageous efforts of former Minister Yannis Maniatis who took on the task of re-energizing and exploiting this huge treasure that will change the destiny of Greece (a look at “seismological” changes in Cyprus and one would immediately understand that the power and prestige it gives the country is not only economic, but also geostrategic).

Unfortunately, the first two years of the SYRIZA government with ministers, Panayiotis Lafazanis and Panos Skourletis, delayed for two years the licenses for research and exploitation. Consider, for example, what the country’s negotiating capacity would have been with lenders if the reseves west of the Patra Cove had been identified with 150 million barrel deposit, which would have been extracted end of 2019 or early 2020.

It is worth pointing out the key role of Hellenic Petroleum (HEPA) in in-vestments for the exploration and exploitation of hydrocarbons in Greece. In a very interesting article written by Teresa Fokianou (Presi-dent and CEO FLOW Energy S.A., former President and CEO of the Faculty of Physical Education and Research) and Dr. Ilias Konofagos (Member of the Energy Committee of the Academy of Athens) point out that the data processing has shown that southwest of Crete and on the borders of the Greek and the Libyan EEZ (Exlusive Eco-nomic Zone) there is the largest natural gas field in the world. The two scientists have reported that the US geophysical company “ION” recently performed seismic recordings off the Gulf of Sirtis in the southern Ionian Sea between Libya and Greece, while at the same time re-worked with the Company Spectrum’s earlier seismic recordings in the same area. The two companies interpreted and presented the results of the study in London. With great surprise and amazement, they found that southwest of Crete off the Gulf of Sirtis and within the abysmal plain of the Ionian Sea there are two huge “Gas fields” of the Zor deposit.

The first target lies on the boundaries of the EEZ (or continental shelf) between Libya and Greece and according to Spectrum it appears to be 10 times larger than the “Southern Cyprus’ ZOR field” covering an area of ​​5,000 km2. It is clear that if such a field is confirmed by further detailed research in the future and if this field exhibits gas-like similarities to the ZOR deposit, this target could contain at least 1,500 Tcf or 43 trillion cubic meters (Tcm) of Gas. Taking into account that the largest filed in ​​the world is in the South-Pars off Qatar-Iran with 1,235 Tcf or 35 Tcm with an area of ​​7,500 km2, then we find that Southwest of Crete could be the No. 1 largest area in the world