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million and exploration investment at US$650 mil-
lion. With an operating cost of 15 per barrel and
an oil price of 80 dollars, net income after depre-
ciation stands at US$7 billion.
The Epirus block has estimated deposits of 150
million barrels, of which 40 to 80 million barrels
are recoverable, at a target depth of 4 thousand
meters. Exploration investment may reach US$80
million and exploitation investment may reach
US$320 million. Net income after deprecation
over a 20-year horizon is estimated at US$2.3 bil-
lion – US$1.2-US$1.3 billion for the Greek State.
The Katakolo block has estimated deposits of 3
million barrels.
A new invitation to Open Door tenders is expect-
ed to follow within the year, regarding 10 to 12
onshore blocks for which survey data is already
available. The new invitation will concern the
blocks of Evros, Kavala, Serres, Thessalonica,
Grevena, Etoloakarniania, Achaia, Messinia, an
onshore block on Crete, and Paxi.
Crete – Natural Gas
For the time being there is no –at least official–
survey data available regarding the offshore block
that lies south of Crete. However, expectations
regarding Crete have been raised, as the Greek
government has been vetted by the American-
Israeli consortium that is exploiting the Aphrodite
and Leviathan gas fields in Cyprus and Israel
respectively. The US company Noble Energy and
Israel's Delek are reportedly in possession of sur-
vey data that indicates the possible existence of
major natural gas deposits in the area between
Cyprus and Greece, with interesting blocks in the
areas that lie south-east, south and south-west of
Crete.
Based on studies carried out by the University of
Crete and professor Antonis Foskolos, the natural
gas prospects of these three blocks, Gavdos,
Plakia-Tympaki, and Herodotos, range from 3 to 5
trillion cubic meters, in other words they are larg-
er even than Israel's well-known Leviathan gas
field and are comparable to the natural gas
deposits of Egypt, one of the largest producers in
the region (6.3 trillion cubic meters). Moreover,
according to studies conducted by the US
Geological Survey, natural gas prospects in the
wider region of the South-Eastern Mediterranean
are estimated at 15 to 20 trillion cubic meters.
Historical background
Greece is considered to be one of the most unex-
plored regions as far as hydrocarbons are con-
cerned. Exploration history begins in 1903, while
actual exploration started in the 1960s in Western
Trade with Greece
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