Gold mining is gathering momentum after Greece began what it called a 'fast-track' approvals program. The Canadian and Australian companies said their projects will add about 425,000 ounces by 2016, worth $757 million at the Oct. 5 spot price, to the 16,000 ounces the country produced in 2011.
'There’s clearly evidence that Greece has woken up to the potential of their mining industry,' said Jeremy Wrathall, chairman of Perth-based Glory Resources. 'Politicians increasingly realize that a pro-mining stance is appropriate due to job creation potential.'
Greece, which is also fast-tracking state property sales, is set to overtake Finland as the continent’s largest gold producer within four years, as regulators in Athens sign off on mines kept on hold for more than a decade by red tape and environmental rules.
Greece has received eight bids by companies to search for oil and natural gas in three blocks in the western part of the country, the energy ministry said on Monday, as debt-laden Athens seeks to save money on energy imports.
Greece, which produces almost no oil or natural gas, aims to develop potential hydrocarbon reserves as part of an effort to overhaul its economy and lessen dependence on energy imports.
Until now the offers for hydrocarbon exploration have concerned three blocks: The first is in the Gulf of Patra, the second off the coast of Katakolo -- both in Western Greece -- and the third at Ioannina, northwestern Greece.
Early estimates suggest that the Gulf of Patra may have 200 million barrels of crude oil, and that there are another 80 million at Ioannina and nearly 3 million off the coast of Katokolo.
Furthermore, according to the United States Geological Survey, in the sea between Crete, Cyprus, Israel and Egypt, there are about 15 trillion cubic meters of natural gas and oil just waiting to be extracted.
In December 2010, as it seemed the Greek crisis might still be resolved without the by-now huge bailouts or privatizations, Greece’s Energy Ministry formed a special group of experts to research the prospects for oil and gas in Greek waters. Greece’s Energean Oil & Gas began increased investment into drilling in the offshore waters after a successful smaller oil discovery in 2009. Major geological surveys were made.
Preliminary estimates now are that total offshore oil in Greek waters exceeds 22 billion barrels in the Ionian Sea off western Greece and some 4 billion barrels in the northern Aegean Sea. [1]
The southern Aegean Sea and Cretan Sea are yet to be explored, so the numbers could be significantly higher. An earlier Greek National Council for Energy Policy report stated that 'Greece is one of the least explored countries in Europe regarding hydrocarbon (oil and gas-w.e.) potentials.' [2] According to one Greek analyst, Aristotle Vassilakis, 'surveys already done that have measured the amount of natural gas estimate it to reach some nine trillion dollars.' [3] Even if only a fraction of that is available, it would transform the finances of Greece and the entire region.
Tulane University oil expert David Hynes told an audience in Athens recently that Greece could potentially solve its entire public debt crisis through development of its new-found gas and oil. He conservatively estimates that exploitation of the reserves already discovered could bring the country more than €302 billion over 25 years.
