Zelilidis on hydrocarbons: Optimism for an oil field in the “Mediterranean Mountain” – What will determine the stance of Exxon and Chevron

Professor of Geology at the University of Patras, Avraam Zelilidis, talked about the factors that will determine the next moves of Exxon and Chevron in Greece in an interview with Naftemporiki TV.

Following the approval for exploration south of Crete and commenting on whether the explorations concern exclusively natural gas or oil, he said: “Chevron and Exxon cannot have signed that they will find oil and will not take it.”

The pivotal point, as he said, will be the summer. “Then Exxon will announce whether it will proceed with drilling. If it does, then Chevron will follow. If it does not drill, then both will probably leave,” he estimated.

As Zelilidis explained, “the American giants will not proceed with any drilling unless they have ensured that they will be able to sell what they find in Europe. This, he stressed, means that in the same period we may hear about the activation of EastMed, since there must be a pipeline to transport it.”

Zelilidis appeared optimistic about the existence of an oil deposit in the so-called “Mediterranean Mountain”, that is, the point where the European and African plates meet.