A recent study revealed that Greece is sitting on natural gas reserves worth $600 billion.
The study conducted by Antonis Foscolos, Elias Konofagos, and Nikos Lygeros, which estimates gas reserves offshore from Crete could generate almost $600 billion over 25 years.
In 2010 Greece’s Energy Ministry commissioned a group of experts to research potential gas and oil reserves in Greek waters.
Foscolos, researcher at the Technical University of Crete and the Canadian Geological Survey, said that there is an indication of the presence of large reservoirs based on the subsea methane emissions and gas hydrate mounds on the seabed.
Greece has commissioned a seismic survey to measure the level of hydrocarbon deposits. In January 2012 Digital Journal reported Greece launched a licensing round for bids to explore development of an offshore oil and gas sector.
According to Prison Planet earlier surveys estimated that the value of natural gas resources available for Greece to exploit could exceed $9 trillion. Those surveys did not take into account the Cretan Sea or the Southern Aegean.
The German government continues to refrain from granting permits for drilling companies to frack because of safety concerns.
Despite the fact that countries in Central Europe have modest reserves of natural gas— One of them lies some 5,000 meters (16,000 feet) beneath the surface in Rotenburg/Wümme, an administrative district in the northwestern German state of Lower Saxony—countries like Germany and France have said no to fracking, so far.
In the German natural gas field sits a well called Bötersen Z11, but without a permit to frack, there isn’t enough pressure in the field to extract the gas.
As a method to increase the yields of hydrocarbon deposits, fracking has been in use for almost 50 years. In Germany, it has been instrumental in preventing domestic natural gas production from drying up altogether. Very few Germans are aware that, until the 1980s, almost a quarter of the natural gas being burned in Germany came from domestic sources. Although it’s still about 12 percent today, that number is declining by about 1 percent a year.
The deposits that have already been discovered are almost exhausted. About 300 wells have been fracked in Germany since the 1960s. Without imports, more than three-quarters of which come from Russia, Norway, and the Netherlands, Germany would soon find itself without natural gas.
Lithuania’s government says it plans to file a $1.9 billion lawsuit against Russia’s Gazprom, alleging that the world’s largest natural gas company has hiked prices unfairly.
The size of the claim, according to the government, covers what the country claims it has overpaid for natural gas since 2004, when Gazprom obtained a major stake in Lietuvos Dujos, the country’s largest gas importer, and changed the formula for determining the gas price.
German and Polish companies have also initiated legal action against Gazprom.
Lithuania’s claim will be submitted to a Swedish arbitration court.
TOKYO Gas hopes to acquire a stake of up to 10 percent in BG Group’s flagship $20 billion liquefied natural gas project in Gladstone, Queensland. The company’s strategy will guarantee vital new energy supplies for Japan.
The deal, worth up to $1 billion, includes the purchase of a million tonnes of LNG a year from the Australian project, boosting gas supplies that have been under pressure since Japan decided to shut down almost all of its nuclear power plants in the wake of the Fukushima meltdown.
The meltdown came after the country was struck by a devastating tsunami, leading to the shutdown of the Fukushima nuclear plant. Japan has also shut down several other nuclear plants and declared that it is seeking an end to nuclear power by 2040.
Because of the planned shutdowns, the country now is predicting significantly higher demand for gas.
Last year Japan imported nearly 80 million tonnes of LNG, a 13 percent increase over the previous year.
But demand is expected to be even higher next year, with a projected requirement of 90 million tons.