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it is estimated that they may redefine the EU's
new energy security strategies, thus increasing
Greece's geostrategic importance. Evidence from
all sources enhance the expectations that
Cyprus, Israel, and possibly the area south of
Crete, as well as the Aegean Sea are “hiding”
reserves capable of changing the energy map of
Europe and the established balance of powers,
leading to the drastic reduction of the EU's
dependence from natural gas imports.
Seismic studies
In oil and gas exploration, seismic studies are the
necessary condition for moving to the next step,
i.e. drilling. Without seismic research, drilling is
carried out in the dark, with very limited possibili-
ty of success. For example, in the much-talked-
about block south of Crete, the possibility of a
successful drilling is no more than 2% to 3%, a
percentage that jumps to 20%-25% in the pres-
ence of state-of-the-art seismic research.
Percentages above 15% are considered satisfac-
tory by the market and sufficient for major com-
panies to proceed with the necessary capital-
intensive investments. However, it is evident that
seismic studies do not discover oil and further
information is required, which can be collected
only by means of exploratory drilling. To this end,
the Greek State recently concluded a tender for
offshore seismic studies in the Ionian Sea and the
Trade with Greece
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