Is Greek gas viable?

For years, Greece has been stumbling towards producing its own gas. Has the government suddenly decided to sprint?

A BP oil and gas rig in the Gulf of Mexico (Courtesy BP)

The pro-government press has recently begun running almost daily stories about how Greece is on the cusp of extracting gas south of Crete. Last week, energy minister Kostas Skrekas said it would be enough to provide Europe with 30 billion cubic metres (bcm) a year for ten years after 2027.

ExxonMobil is currently drilling exploratory holes to verify possible deposits mapped in 2014 and more closely surveyed last year. It might announce proven findings by the end of the year. Greece says it wants to put the larger deposits into production by 2027, a fast timetable.