Too early to estimate value of hydrocarbon deposits in Greece, mgmt agency head says

It will be at least five years before Greece will be able to determine the value of its hydrocarbon deposits, Hellenic Hydrocarbon Resources Management president and CEO Yannis Bassias said on Wednesday.

Asked at an Economist conference on Cyprus whether the hydrocarbon deposits were large, Bassias responded, “It would be naive to talk about large deposits when drilling hasn’t even started. When the concessionaires complete the necessary work in the coming five years, then we will be able to respond with certainty on whether the positive outlook registered so far could result in exploitable deposits.”

Bassias gave an updated overview of the progress on the total of concessions in Greece (11), and presented the timetable for drillings over the next three years.

Drilling will begin at Katakolo and the Patras Gulf, with Ioannina expected to follow by 2021.

The meeting included Greek and Cyprus Republic ministers and former ministers and top officials of ExxonMobil, Total and Eni SpA.

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