In a significant development, the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) has estimated that Greece holds natural gas reserves of approximately 680 billion cubic meters (24 trillion cubic feet). These preliminary figures, revealed in HEREMA’s 2023 annual financial report, are based on data from offshore blocks in the promising regions of Crete and the Ionian Sea. If validated, these reserves could significantly alter Greece’s energy landscape, positioning the country not only to meet its domestic gas demands but also to emerge as a notable gas exporter by the end of the decade.
This optimistic forecast coincides with eight ongoing hydrocarbon exploration and production contracts involving major international companies, including ExxonMobil, HELLENiQ ENERGY, and Energean. These firms are heavily investing in exploration, particularly in offshore blocks in the Ionian Sea and areas west and southwest of Crete. While 2023 has focused primarily on preparatory activities like seismic surveys and data analysis, HEREMA expects that key decisions regarding exploratory drilling will be made in 2024. Notable progress includes the successful completion of 3D seismic surveys and plans for further exploration, especially in partnership with ExxonMobil in Crete.
Should these reserves be confirmed, Greece’s gas deposits could rival some of the largest discoveries in the Eastern Mediterranean, such as 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 these substantial reserves could be transformative. Potential benefits include increased tax revenues, production dividends, and resource redistribution initiatives aimed at supporting local economies and advancing the country’s energy transition.
