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Yannis Maniatis on SKAI: The deposit of southern Crete looks like the giant deposit of Egypt


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Profits double or triple the 250 billion euros for Greece, if all goes well

We’re in the sweet spot in making the conversation start to make sense, not just about energy self-reliance of Greecebut at the same time for one new role of the country as a supplier of significant quantities of natural gas to the European Unionsaid the former energy minister, Yannis Maniatis, speaking on SKAI television.

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“Unfortunately, of course, we should have had this discussion 7-8 years ago, but let’s keep the positive, that right now there is a serious restart of the research program” added Mr. Maniatis.

The deposit of southern Crete resembles the giant of Egypt

Mr. Maniatis emphasized that the most mature area that can soon “give” natural gas is her of Ioannina:

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“It is a very important deposit that we have known about for over 10 years. And there are serious estimates that it may be the pleasant surprise of Southeast Europe».

At the same time he emphasized that “the South Crete deposit has structures similar to the Egyptian giant. We don’t know its exact volume, when you see that it has similar structures, you can make estimates that the order of magnitude of its volume may be similar.”

Mr. Maniatis noted that for the Ioannina deposit, a complete picture will emerge in less than a yearwhile he expressed the hope that soon there will be an image for the overripe, as he characterized it, deposit in Katakolo.

At the same time, he commented that the deposits in South Crete and southwest Peloponnese are extremely interestinga fact that has arisen from the first earthquakes that occurred in 2012, where as he pointed out “some companies that were following the investigations, were talking».

Mr. Maniatis also referred to the Handelsblatt publication, stressing that “it is not in the air. It is based on an announcement by the Greek hydrocarbon company in 2020 and makes this assessment”.

The former energy minister emphasized that “Greece consumes around 6 billion cubic meters of natural gas every year. The deposits south of Crete and in the Ionian are estimated to be two (2) thousand billion cubic meters».

Regarding the financial data, Mr. Maniatis emphasized: “The total gross value of the deposits with what we know so far, estimated to be in the order of 250 billion euros at pre-crisis prices. At today’s prices, multiply that by two or three times».

What profit will Greece have?

As far as Greece’s profit is concerned in practice in combination with the private companies that undertake the mining, Mr. Maniatis explained: “Practically, the private investor puts in all the moneytakes all the risks, assumes all the risks. The Greek government does not put in a single euro. In order for the individual to invest this money, he knows very well where he invests it and what are his chances of getting it back.

»So when, hopefully, the drilling turns out to be good, productivethen approximately, in the Greek seas which are relatively difficult seas, the profits are shared half and half, i.e. roughly half the Greek government and half the investor.

“In Egypt, which has much shallower waters, i.e. W of the Nile, you have drilling at 100 meters, while in Crete at 2,500 meters. Drilling is easier there, so the revenues of the State are more”, concluded Mr. Maniatis.

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