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GreeceBusinessDevelopment Min Skrekas: Southwest Crete's promising prospects in exploring energy reserves

Development Min Skrekas: Southwest Crete’s promising prospects in exploring energy reserves

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The initial signs “ give us cause for optimism about what may be discovered beneath the seabed southwest of Crete,” stated Minister of Development Kostas Skrekas during the 5th East Mediterranean Business Summit of The Economist held in New York.

Referring to Greece’s progress in expanding renewable sources, Skrekas stressed that “Greece committed to the phased elimination of fossil fuels as early as 2019, even before the conflict in Ukraine and the current inflationary and geopolitical pressures arose.”

“In Greece, we do not yet produce gas, but EXXON MOBIL is finalizing its assessment of the data collected through research conducted over the past two years. The initial signs give us cause for optimism about what lies beneath. However, to be honest, we first need to drill and verify its existence. We anticipate that the first exploratory drilling will commence by the end of 2025, at which point we will have more clarity,” he said.

According to the Development Minister, in order to achieve our ambitious goal of covering 80% of electricity consumption from renewable energy sources by 2030, we must also prioritize energy efficiency.

The discussion was followed by a meeting with Cypriot Minister of Energy, Industry, and Trade George Papanastasiou, who “commended Greece as a model for best practices in overcoming the economic crisis.”

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Skrekas also met on the sidelines of the summit with US Assistant Secretary of State for Energy Resources Geoffrey Pyatt, with whom they discussed, among other things, the progress of the “Great Sea Interconnector” electricity connection project between Greece, Cyprus, and Israel and the operation of the FSRU unit in Alexandroupolis, which will serve as a stable natural gas supply hub for the region.”

SOURCE; ANA-MPA

The copyrights for these articles are owned by the Hellenic News of America. They may not be redistributed without the permission of the owner. The opinions expressed by our authors do not necessarily reflect the opinions of the Hellenic News of America and its representatives.

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