Greece and Hydrocarbon Exploration: Oil Deposits off Paxos (Paxi), Corfu and near Ioannina

Depending on how you look at it, this is highly significant information.

(ANSAmed) - ATHENS, NOVEMBER 11 - Seismic data on hydrocarbon reserves in Western Greece published by Norwegian company PGS last week are seen as being particularly encouraging and have already attracted the interest of major oil firms.

The area with the highest expectations, as daily Kathimerini online reports, is that northwest of Paxi island and west of Corfu, in the northern Ionian Sea. It has a rock structure similar to that of Apulia in southern Italy, where oil is already being extracted.

The second promising area is at Katakolo, on the western coast of the Peloponnese, which is similar to the Fieri area in southern Albania. Another area of high interest is at Ioannina in Epirus, northwestern Greece, which has similar characteristics to the reserves at Delvina and Kucova, also in southern Albania.

Kathimerini article, 10 November

Encouraging...or worrying news?

See PGS website, Petroleum Geo-Services