Research on hydrocarbons and estimates of public revenue and stocks from drilling in Ionian and elsewhere, reported the Minister for Environment and Energy, Stavros Papastavrou.
As he told ERT, the first research drilling is scheduled for February 2027, in the area "Asopos", northwest of Corfu, as this project is the most mature stage of research, with the second research drilling planned for "Land 10".
According to Mr Papastavrou "the cost of a research drilling is estimated at around 80m euros, while in the event of successful location of deposits and commercial exploitation, total investments may reach 3 to 4 billion euros. In this scenario, public revenues for the country could rise to up to EUR 10 billion over time, from taxation and other production-related revenues, with the rate estimated at 38% to 40% of profits’
In this context, it noted that estimates refer to reserves of 270 billion cubic metres of natural gas, when annual consumption is around 6 billion.
In response to questions about the relationship between hydrocarbons and green energy, Mr Papastavrou stressed that energy policy is based on a balanced mix. As he said, Greece must use all available sources – sun, wind, hydroelectric and potential deposits – to ensure energy autonomy.
It clarified that the development of hydrocarbons does not invalidate the targeting for sustainable development and carbonization, noting that natural gas remains necessary for the stability of the energy system.
Especially for the production of energy from renewable sources, Mr Papastavrou noted that it has already tripled since 2019, reaching 6.3 GW at 18 GW, while only in the last year about 3 GW were added. However, he acknowledged that the country is lagging behind in the field of energy storage, which leads to losses, especially of energy produced in the midday hours by the sun. However, Mr Papastavrou has now said that the first projects have begun, with the aim of reaching 700-800 MW by the end of the year and
1,2-1.4 GW by 2027.