24 September 2012

Greece: MASSIVE Unexploited Oil Reserves (Natural Gas Alone = $9 TRILLION) More Than Enough to Resolve Public Debt Crisis
-and Then Some!

Not that kind

As Greece takes unpopular austerity measures and talks of leasing-out 40 uninhabited islands in part of ongoing efforts to get their tattered books in order, did anybody else notice how Angela Merkel went from a previously ambivalent stand re. the Greeks leaving the EU to the most recent 'save Greece at any cost' position? And in defiance of German public opinion, exposing herself politically back home?

Explanation for the sudden turn-around likely has something to do with the fact that largely-unexplored Greece sits on the western edge of a massive sub-Mediterranean oil and gas field, with Israel and Cypress at the other perimetrers. 
Israel discovered the resource in 2010, and is already producing in small amounts.

Now, an alliance between these three states is forming to deliver all the natural gas produced to planned Greek pipelines, then on to Italy and the EU network, bringing further revenue and employment to the Hellenic state while lessening European dependence on Russian energy. 

Alas, Turkey (and Syria) can also lay claim the deposits, and this complicates the situation somewhat: they and the Greeks basically hate each other, and the same Israelis that Ankara has recently snubbed are leaving them out-in-the-cold as they do BIG business with Athens.

Experts say that Greece has approximately 26 billion barrels of oil -mostly offshore- of it's own, and that exploitation of those reserves would ultimately amount to 300,000 good jobs- that's nearly a third of the total unemployed in the country today (official Greek unemployment stands at and eye-watering 24%,
as much as 30% in reality)...

Global Research:
Greece’s Energean Oil and Gas began increased investment into drilling in the offshore waters after a successful smaller oil discovery in 2009. Major geological surveys were made. 

Preliminary estimates now are that total offshore oil in Greek waters exceeds 22 billion barrels in the Ionian Sea off western Greece and some 4 billion barrels in the northern Aegean Sea. 

The southern Aegean Sea and Cretan Sea are yet to be explored, so the numbers could be significantly higher. 

An earlier Greek National Council for Energy Policy report stated that 'Greece is one of the least explored countries in Europe regarding hydrocarbon (oil and gas-w.e.) potentials.'

According to one Greek analyst, Aristotle Vassilakis, 'surveys already done that have measured the amount of natural gas estimate it to reach some nine trillion dollars.' Even if only a fraction of that is available, it would transform the finances of Greece and the entire region.
Tulane University oil expert David Hynes told an audience in Athens recently that Greece could potentially solve its entire public debt crisis through development of its new-found gas and oil. He conservatively estimates that exploitation of the reserves already discovered could bring the country more than €302 billion over 25 years. 

Like a lot of sloppily-run outfits, Greece was mismanaged not just on costs but the revenue side as well: plenty of untapped potential outside of the tourist industry, all they got to do is drill baby drill.

Fact is, the Greeks have already bid out oil rights and negotiated tax packages for new oil exploration on the Hellenic mainland... they're now wasting no time in seeking desperately-needed cash from their vast energy resources.

Soooo therefore we see what looks like their soaring credit-worthiness in Germany's eyes: perhaps someone whispered to the German Chancellor that if they don't think 26B bbls of oil are sufficient collateral for their underwriting Greece's spendthrift habits, teetering welfare state, and eternal tax-collection woes, the Chinese do... and any default where they swoop in and take long-term oil rights wouldn't trouble them one bit. In fact, some in Athens suspect the Germans of planning to do precisely the same. 

And maybe they are... oil is the kind of investment Berlin doesn't mind, but it's hard to come out and say that's what you're looking at when still dealing with the Greeks' ongoing austerity/bailout packages... apparently Merkel feels this will become obvious to the German voter long before she again faces them at the polls.
greece oil reserves