th-30032012The already confirmed and estimated discoveries of substantial hydrocarbon deposits in the Eastern Mediterranean – such are those confirmed within the Exclusive Economic Zones (EEZs) of Cyprus and Israel – along with those discussed in this Paper (which more than likely lie offshore Crete), but also elsewhere within the EEZ of Greece, such is the area close and adjacent to Hydrocarbon Exploration Block #4 of Cyprus, signify that for the first time ever in Europe’s energy history, the EU may be guaranteed an uninterrupted supply of a traditional energy source! A most important development (and a pan-European one) that the government of Greece has to set as priority and ensure that an appropriate framework and solid plan are put in place in order to commence investigation as quickly as possible.

The energy strategy that Greece will pursue today in regard to the “Cretan hydrocarbons” is bound to dictate its economic future and not only.

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