The southern part of Crete apparently has more oil than Iran! Speaking on STEP FM in Canada, Professor Antonis Foskolos from the Department of Mineral Resources and Engineering of the Technical University of Crete. said that "we committed a crime back in 1997 when they stopped investigations."
Foskolos said that the hydrocarbon fields under Crete are immense with at least 22 billion barrels of oil. The Herodotus Basin he said has some 14 to 15 billion barrels of oil, while there are only 400 million barrels in Patras. He also noted that the deposits of natural gas recently found in Cyprus are still "small" because there are at least three other layers that have yet to be investigated. Cyprus has four layers.. said Foskolos... but the aforementioned basin under Crete has "7 layers"!
The Professor said that once the oil begins being exploited it will all be exported, since the whole area Crete has an additional 22 billion barrels of oil totaling some 38 billion barrels! "We are at the level of Iran in relation to stocks," (meaning oil reserves) noted Foskolos and concluded by saying that in 2016-2017 this development, and these riches will change the face of Greece. This "will change the strength of the country. "
In an earlier report on hellasfrappe Foskolos had said that the two areas that in his professional opinion have significant amount of deposits are nine mud volcanoes southeast of Crete, in the Greek Herodotus basin. More precisely, the mud volcanoes in this area contain high amounts of hydrocarbon reserves, primarily natural gas, of approximately 1.5 trillion cubic meters! (Click here for that story)
This is comparable with what has been found in the Nile Delta, the Caspian Sea (deposit Shah Deniz), Norway and elsewhere.
In his expert opinion, the south eastern basin of Herodotus in Crete has reserves that surpass two trillion cubic meter mark. This is a vast amount and can only be compared to what was discovered in the Nile Delta (by SHELL, BP) . He says the sediments are of the same origin and geological formations are very similar. In all so far, it is estimated that there are 3.5 trillion cubic meters of gas located there, which can be equaled to 20-22 billion barrels of oil!
The benefits for Greece are obvious. Foskolos believes that the exploitation of these deposits will create a total of 300,000 jobs. At least 100,000 in the primary sector and 200,000 jobs in the secondary sector, while all revenue can be reaped by the Greek state in 25 years amounts to 437 billion US and this is not counting the profits from the pipeline that will transport the natural gas to Europe ( at a length of 1000 km at a cost of approximately $ 20,000 / km, or 25 billion US dollars.)
Other experts agree with Foskolos as well. A separate report on the Chaniotika nea site said that Professor Giannis Makris says that there are two potential hydrocarbon reserves southwest of Crete, where sediment thickness frin 10 to 12 kilometers, and there are hydrocarbon reserves in Western Crete where there are 3 fields of mud volcanoes.
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