A group of American companies say they have found oil and gas deposits that could meet Greece's energy needs within the next five to six years.
A group of American companies say they have found oil and gas deposits that could meet Greece's energy needs within the next five to six years. The oil and gas has been found in the North Aegean Sea near the Island of Thassos, where the group has a 3,300 square mile exploration concession.
At a press conference on Friday(11 January)Mr. John Brantly, drilling manager of the Oceanic Exploration company which heads the group, said that even if further drillings proved negative, exploitation of deposits found so far would still be profitable at present oil prices. He told journalists in Athens that he could see no reason why the Thassos area could not supply Greek gas and oil requirements within the next five to six years.
Oceanic of Colorado started drilling on Thassos Island in 1970. Last December it started a fourth drilling four miles off Thassos Island and ten miles from Kawalla a north eastern port on the ma???nland.
The group of companies, led by Oceanic, have since asked the Greek government for three more concessions, two on the mainland north of Thassos, and the third in the Thermaic Gulf south of the port of Thessaloniki.