‘Major prospect’ off Crete boosts expectations

With US-based ExxonMobil entering the final stage of exploration in Crete, Athens' expectations have been boosted by the statement by Environment and Energy Minister Kostas Skrekas that there are indications of a significant deposit that could fill the Russian gas gap in Europe for 10 years.

This has been estimated on an annual basis by the International Energy Agency and the Commission at 30 billion cubic meters. 

The geological evidence from the seismic surveys carried out in 2012 by the PGS research vessel on behalf of the Hydrocarbons and Energy Resources Management Company (EDEYEP) shows an increased likelihood of 9 trillion cubic feet or 280 billion cubic meters of gas. 

This potential size is equivalent to twice the size of the Cypriot Aphrodite field or the Tamar field, Israel's second largest.

ExxonMobil's interest in the two regions west and...