International marine geophysical data acquisition and processing company Shearwater today successfully completed geophysical surveys of a marine site in the Ionian Sea.

The aim of the research was to assess the size and prospects of Greece’s potential gas reserves. The research, the Hellenic Hydrocarbon Management Company (EDEY) points out, took place at a time when natural gas is at the top of Europe’s energy agenda due to power shortages that have led to large increases in energy costs for industry and households.

The European Commission has proposed that gas investments be included in the European Union’s new classification as sustainable “green” investments in support of the EU’s decarbonization strategy and the achievement of its climate and environmental objectives.

Mr. Aristophanes Stefatos, CEO of EDEY – the company responsible for supervising the development of the Hydrocarbon Research and Production sector in Greece – welcomed the completion of the seismic surveys, stating that “this is the first tangible step after more than half a decade in order to obtain clarity regarding the ability of Greece to utilize its marine natural gas reserves”. He added that “all parties involved carried out the research following the highest environmental standards, exceeding even the best international practices”.

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The next step in the process is to analyze and evaluate the data. Previous studies and estimates by Greek and international analysts have shown that the potential value of Greece’s natural gas reserves could create a turnover in excess of 250 billion supporting the process of replacing coal with natural gas in the wider region and accelerating the transition to a more sustainable low-energy energy system.

The National Plan for Energy and Climate of Greece (ESEK) envisages a significant increase in the use of natural gas, highlighting the role of natural gas as a critical technology, a “bridge” in the efforts to build an energy system that will be dominated by RES technologies.