Monday, 15 October 2012

GREEK AEGEAN BONANZA: New study confirms potential Greek wealth

A new study commissioned by Antonis Samaras vindicates The Slog’s engineering sources, who have long said that Greece’s undersea wealth was being deliberately understated

I was told categorically during 201o that American engineers working for previous Greek governments had deliberately understated the energy and rare earths potential beneath Greece’s territorial waters. An entirely different but equally qualified source told me the following year that the EU was fully aware of the ploy. Ever since then, The Slog has consistently maintained that, behind the demands of the Troika, a tussle was going on between the US and the EU as to who could benefit most from the country’s mineral and energy potential. Now a new study strongly supports that view.
Greece has “at least” $600 billion worth of gas and oil reserves beneath its territorial waters, according to a new study presented to Prime Minister Antonis Samaras within the last few months. Reuters has also confirmed the story.
Collating all the scientific data available, the study says geological similarities indicate that reserves off Crete alone should match the prolific Levantine Basin, the Israeli and Cypriot discoveries mainly are. Estimates suggest that to the south of Crete lie a minimum of 3.5 trillion cubic metres (tcm) of gas – apparently enough to cover around six years of EU demand. The site almost certainly has roughly 1.5 billion barrels of oil in addition to the gas find.

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