Greece’s offshore blocks in Crete and west of Corfu appear to be comparable to the great oil and gas fields in Egypt though this remains to be confirmed, Environment and Energy Minister George Stathakis said in an interview on Thursday.
“We will get an accurate picture when the drills reach the seabed. There are estimates but we will only be certain in the final stage of exploratory drilling, in about two years,” he said, while noting that interest in this region was starting to grow.
He noted that the recent Greece-Cyprus-Egypt summit had focused on the issue of transporting natural gas to Europe and constructing a pipeline for this purpose, such as the Israel-Cyprus-Greece-Italy EastMed pipeline now in the final stages of technical planning.
Stathakis said that an intergovernmental agreement for the pipeline could be completed by the end of the year, to be followed by a market test in the following year before final decisions are made, while there was also a prospect that it might also carry Egyptian gas, he said.