The first indications make us feel optimistic about what can be found under the seabed southwest of Crete, said Development Minister Kostas Skrekas from the floor of the Economist’s 5th Eastern Mediterranean Business Summit that took place in New York.

The Minister of Development, referring to the progress made by the country in the expansion of renewable sources, emphasized that “Greece committed to the phase-out of fossil fuels as early as 2019, before the war in Ukraine and the current inflationary and geopolitical pressures even arose ».

“In Greece, we do not yet produce gas, but EXXON MOBIL is finalizing its assessment of the data it has gathered through the investigations carried out over the last two years. The first indications make us feel optimistic about what can be found under the seabed. But to be honest we should first drill and see if it really exists. We believe that at the end of 2025 the first test drilling will begin and then we will know. If we are so lucky, then the size of the plot – which we have so far estimated that we will find – will be enough for the energy security not only of Greece but of the whole of Europe. For all this we need time. The same happened in Egypt and Cyprus. And this is one of the key challenges of the future. The gaps in the supply chain of gas and oil that create the increase in prices,” said Mr. Skrekas referring to the surveys that will be done southwest of Crete to determine if there are exploitable natural gas deposits in the sea blocks.

According to the Minister of Development, in order to achieve our ambitious goal – covering 80% of electricity consumption from RES by 2030 – we should also emphasize energy efficiency.

“For example, if we managed to reduce electricity consumption by 10%, through the upgrading of buildings or the optimization of processes in industry, we could even today close the last remaining lignite units in the country,” said Mr. Skrekas.

A discussion followed with the Cypriot Minister of Energy, Industry and Trade, Mr. Papanastasiou, who “congratulated Greece as a model of best practices for exiting the economic crisis”.

The Cypriot minister presented with maps the energy projects of Cyprus and mentioned, among other things, the project of common interest of the electrical interconnection of Cyprus with Crete, with a time horizon of 2025 and a total investment amount of 2 billion euros.

“I will talk about the importance of the “Great Sea Interconnector” that will connect Israel, Cyprus and Greece through Crete. Crete will be the “operational cable”, the connecting link with Attica in 2025. The distance between Cyprus and Crete is 879 km and the depth is up to 3,000 km. This is a project-challenge of common interests, which with the development of technology is now possible,” said Mr. Papanastasiou.

On the sidelines of the Summit, Mr. Skrekas met with the US Deputy Secretary of State for Energy, Jeffrey Pyatt, with whom they discussed, among other things, the progress of the “Great Sea Interconnector” electrical interconnection project between Greece-Cyprus-Israel and the operation of the FSRU unit in Alexandroupolis which will be a pillar of stable natural gas supply in the region.

“I would like to talk to you about the importance of the Eastern Mediterranean region, mainly because this region can ensure Europe’s energy security. World markets will never again look to Russia as a reliable energy supplier. This fact creates a huge opportunity for the Eastern Mediterranean, which is able to contribute to energy security and the diversification of energy sources”, said the US Under Secretary of State for Energy from the floor of the Summit.

Mr. Pyatt emphasized that the 3+1 is a scheme he set up while he was ambassador in Athens and the Biden administration continued to strongly support it.

Pyatt: We don’t want to see what happened with Turkey’s drilling efforts in the summer of ’20 again

“Europe must find ways to wean itself off Russian gas. I have heard many promises about the exploitation of Cyprus’ natural resources and now is the time to make it a reality. Among other countries in the region playing an important role, such as Greece, Egypt and Cyprus, it is Turkey that reinforces the US view that energy should be a path of cooperation rather than confrontation and conflict. I remember what happened in the summer of 2020 in Greece and the confrontation with Turkey’s drilling activities. We don’t want to see what happened with Turkey’s drilling efforts again,” Mr Pyatt said.

Greek-American congressman Chris Pappas participated in the Economist Summit with a taped message, who mentioned, among other things, that in Congress they continue to work to strengthen US cooperation with Greece, Cyprus and Israel. “All three of these countries are pillars of stability in the Eastern Mediterranean and have proven to be the strongest allies of the US,” he noted.

Chris Pappas referred to Greece’s role in NATO through Alexandroupolis, the diversification of Europe’s energy sources “so that Putin cannot blackmail the Western alliance” and pointed to Cyprus’ contribution to the humanitarian corridor to Gaza.

Speaking at the Economist Summit, the leading military analyst and professor at the US Military Academy, Michael Rubin, also mentioned Cyprus, stressing that “occupied northern Cyprus is not just a diplomatic difficulty, but a sad growing threat that should not be accepted in the name of some sophisticated diplomacy”.

“Henry Kissinger is dead. Along with him are some of the moral compromises he made for Cyprus and they should also be put to rest. We must understand that it is not enough to just do the right thing. We must also stop making the mistake. We must recognize, almost 50 years later, that occupied northern Cyprus is not just a diplomatic problem. It is a security vacuum, where money laundering activities, potential terrorists and other forces that oppose the liberal order find space”, added Michael Rubin, characterizing “extremely important what is happening in the Eastern Mediterranean” in terms of strengthening cooperation with Greece , Cyprus, Israel and Egypt under the support of the USA.