The Hellenic Hydrocarbons and Power Sources Control Corporate (EDEFEP) is making the primary reliable conservative estimate of the dimensions of the rustic’s hydrocarbon deposits.
As printed by way of OT, EDEFEP in its annual monetary statements for 2023 and relating to the account of its movements for hydrocarbons in Greece gifts initial information for herbal fuel reserves within the Crete and Ionian blocks.
Hydrocarbon deposits in Greece
EDEYEP below the president Rikard Skoufias and the managing director Aris Stefatos within the corporate’s annual monetary document for 2023 states with regards to the dimensions of reserves in hydrocarbons (herbal fuel):
“A conservative estimate of the possible and possible reserves of the spaces in query, by which, then again, exploratory drilling has now not but been performed, levels in line with initial information from EDEFEP at 24 trillion cubic ft (trillion cubic ft) or 680 bcm (billion cubic meters) herbal fuel (risked recoverable reserves). The imaginable affirmation of those deposits exceeds each the prevailing and the longer term home call for for herbal fuel, making our nation an exporter till the tip of the last decade”, unearths EDEFEP in the once a year monetary document, to be had to OT.
The CEO of EDEFEP Aris Stefatos
The spaces discussed by way of EDEFEP are: “There are recently 8 lively hydrocarbon exploration and manufacturing contracts in Greece, with the participation of main traders corresponding to ExxonMobil, HELLENiQ ENERGY and Energean. The Prinos house is within the manufacturing section, Katakolo within the building section, whilst six extra spaces are within the analysis section: one within the onshore house of Ioannina, 3 marine spaces within the Ionian Sea (Block 2, Block 10, Ionian Block), and two marine spaces in Crete (West of Crete, Southwest of Crete)’.
The blocks the place the seismic surveys have been performed for hydrocarbons and would possibly cover the fuel reserves of 680 billion cubic meters
The point of interest of pastime naturally turns to the spaces which might be within the analysis section.
Seismic, Crete, ExxonMobil and drilling
EDEYEP additionally talks about this system of 3-d seismic surveys finished in 2023: “In February 2023 the rustic’s first 3-d seismic offshore surveys have been finished within the remaining seven years and in July 2023 EDEYEP introduced the a success of completion of the primary section of offshore exploration “Ionio” and “Block 10” spaces and the Lessee’s resolution to continue with the second one section of investigations.
In general, up to now EDEYEP has now overseen a complete of 8 marine seismic surveys, construction at the milestone yr of 2022 which noticed the best analysis funding ever made within the Greek upstream sector. All analysis has been performed in line with new, stricter environmental requirements that meet or exceed the benchmarks for the “best possible global requirements”, emphasizes the corporate answerable for the exploration and exploitation of hydrocarbons.
In line with EDEFEP, the second one part of 2023 was once ruled by way of the processing of analysis information, “with the purpose of imaginable decision-making for analysis drilling in opposition to the second one a part of 2024”, underlines the corporate, leaving open the “window” for investing resolution.
Actually, EDEYEP issues to Crete and ExxonMobil: “In keeping with the just lately performed surveys, EDEYEP, along side ExxonMobil, sped up the purchase of extra 3-d seismic information within the sea house of Crete in early 2024 with the purpose of additional facilitating the research for imaginable long run exploration drilling’.
And somewhere else in the once a year monetary document for 2023, it’s emphasised about the potential for making funding choices for exploratory drilling: “After 2022, which was once a landmark yr for the extent of funding in
geophysical surveys, the bold program to boost up all similar exploration methods persevered in 2023. In mid-February 2023, seven marine geophysical (seismic) surveys have been effectively finished. Following the of completion of the aforementioned surveys at the start of the yr, all over the rest of 2023 the Lessees of the offshore exploration blocks centered totally on processing the massive quantity of seismic information accrued.
2023 was once subsequently a yr of preparation forward of investor choices on attainable exploratory drilling, anticipated to be made inside 2024. The processing and interpretation (which remains to be ongoing) of the accrued seismic information will permit a second look of the dimensions, extent and the danger of imaginable drilling objectives for the offshore spaces of West and South-West Crete, Block 2, Block 10 and Ionian block”, EDEFEP issues out on this regard.
The Zor box and the advantages of fuel reserves in Greece
The initial estimates made by way of EDEYEP for the Greek deposits, even though showed by way of the analysis drillings, display reserves as regards to the most important deposit of the Southeastern Mediterranean area that has been found out within the remaining 10 years.
That is the Zor box in Egypt found out in 2013 by way of the Italian upstream massive, Eni. Its herbal fuel reserves quantity to 30 trillion. cubic ft or 850 billion cubic meters.
In Greece, the conservative estimates of EDEFEP display 24 trillion. cubic ft or 680 billion cubic meters of herbal fuel.
For the reason that the rustic’s annual intake of herbal fuel is round 4 to five billion cubic meters, it’s simple to grasp what it approach financially for public budget.
The Ramform Hyperion that performed the seismic survey program in Crete
EDEFEP describes on this regard: “The direct monetary advantages from the possible manufacturing of herbal fuel for the Greek state in line with a length of twenty-five years from the beginning of manufacturing will come from source of revenue taxation and from manufacturing dividends and different attention. On the identical time, the promotion of a device of redistribution of sources derived from hydrocarbons to fortify native economies suffering from the de-lignification of electrical energy era, but in addition on the nationwide degree in the course of the eventual allocation of sources for the power transition, is anticipated to mitigate the direct and oblique results on the native degree making the operation of this comments loop a public pastime precedence’.
The source of revenue from the lessees of the blocks
EDEFEP, because it additionally describes in its annual monetary document, has expanded its process within the building of offshore wind farms and likewise within the seize and garage of carbon dioxide (CCS).
And for those spaces she makes her review.
On the other hand, it continues to generate income and a favorable monetary consequence due to lively exploration and exploitation contracts with ExxonMobil, Helleniq Power and Energean.
Thus for 2023 the turnover of EDEYEP closed upper at 3,063,571 euros from 2,118,061 euros in 2022.
Turnover got here from:
- Source of revenue from hectare compensations in line with contracts: 1,085,610 euros
- Seismic information income in line with contracts: 1,043,555 euros
- Source of revenue from coaching and technical fortify of the body of workers in line with contracts (Coaching charges): 620,000 euros
- Different source of revenue from actions: 314,406 euros
Actually, EDEFEP issues out that from the class “different source of revenue from actions” 280,000 euros got here from the sale of drilling information.
The income after taxes for EDEYEP in 2023 amounted to 850,911 euros, higher by way of 677,082 euros, or 389.51% in terms of the corresponding quantity within the fiscal yr 2022, which amounted to 173,830 euros.
Supply: OT
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