Cretan Gas Fields - A new perspective for Greece’s hydrocarbons

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The 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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www.pytheas.net Cretan Gas Fields – A new perspective for Greece’s hydrocarbon resources March 2012 Pytheas Market Focus Alain Bruneton Elias Konofagos Anthony E. Foscolos

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Copyright © 2012 Pytheas Limited 30 March 2012 2 Pytheas Market Focus Note The original title for this Paper first published in the Greek language was “The occurrence of converging plates mud flow volcanoes and accretionary prism complexes in the Mediterranean Ridge. Their relationship to possible hydrocarbon accumulations offshore Crete. A new perspective for Greece’s oil and natural gas resources”. Acknowledgement The Authors wish to thank Mrs. Rachel Robinson of the Geological Survey of Canada Calgary for her help with the English editing of this paper.

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Copyright © 2012 Pytheas Limited 30 March 2012 3 Pytheas Market Focus Forward The Greek island of Crete located in the South-Eastern Mediterranean about 300 km north of the African continent 500 km from the newly discovered gas fields of Cyprus and 800 km from the gas fields of Israel west of the Middle East and Asian continent and 600 km east of mainland Europe but 90 km from mainland Greece is not only in one of Europe’s main energy corridors but valid scientific research indicates that significant oil and gas deposits must more than likely occur offshore the island. It is no coincidence that eight of the world’s biggest seismic survey companies i.e. U.S.- based ION Geophysical Norway-based TGS-NOPEC Dolphin Geophysical and Petroleum Geo- Services France’s CGGVeritas Spec Partners Spectrum Geo and Fugro Multi Client Services have expressed interest earlier this month in investing about US40 million of their own capital for the exploration of hydrocarbons in Greece. It is our pleasure and honor to publish and host a second paper produced by these world accredited scientists Mr. Alain Bruneton Dr. Elias Konofagos and Professor Anthony E. Foscolos. A sequel to their published in January of this year paper with the title “The Economic and Geopolitical importance of Eastern Mediterranean gas fields for Greece and the EU” this new scientific document attempts to explain why there must be hydrocarbon deposits in the south and southwest of offshore Crete. This new work by Bruneton Konofagos and Foscolos deducts that the envisaged hydrocarbon deposits in the aforementioned area could be substantial possibly as substantial as those found in the Levantine Basin and further investigation ought to be undertaken the soonest possible. Indeed great news for the much suffering from its worst financial crisis of modern times Greece but also for the ever-starved for fuel Europe. Pytheas maintains the opinion that Europe is currently confronted with a unique challenge and a remarkable opportunity The 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. Harris A. Samaras Chairman CEO PYTHEAS 30 March 2012 H. A. Samaras

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Copyright © 2012 Pytheas Limited 30 March 2012 4 Pytheas Market Focus Abstract Evaluation of geological and geochemical data acquired since 1985 from scientists working in the Libyan Sea indicate the possible existence of large hydrocarbon deposits in an area of 80000 Km 2 which is equivalent to the Levantine Basin combined EEZ of Israel Lebanon Syria and Southeast Cyprus. These indicators are: 1. Converging plates host 20 of World’s Giant Hydrocarbon Fields. Henceforth the possibility of having large hydrocarbon deposits under Crete should be investigated. 2. A large number of accretionary prisms are encountered within the Mediterranean Ridge. Accretionary prisms throughout the world are indicative of hydrocarbon fields. Therefore the existence of large hydrocarbon deposits offshore Crete should be the subject of intense research. 3. Throughout the world active mud flow volcanoes are associated with hydrocarbon occurrences. Offshore Crete there are a large number of active mud flow volcanoes. As a result a thorough investigation could reveal medium to large oil fields. 4. Geochemical analysis of emitted methane bubbles from active mud flow volcanoes indicate that their origin is thermogenic. Hence working petroleum systems are encountered at depths. 5. Based upon geological and geophysical data scientists have identified offshore Crete two major anticlines an abyssal plain and seven backstop basin-trenches as possible hydrocarbon plays. 6. Based upon the geological similarities and their vast experience in both the Eastern Mediterranean and West Timor Trough Petroleum Geo-Services PGS have recently suggested that the southern basin of Crete hydrocarbon reserves are equivalent to those of the Levantine basin. 1. Introduction In the Libyan Sea offshore southern Crete there are two areas which may turn out to be of big interest as far as hydrocarbon exploration is concerned. The first one is the Herodotus Basin and the other is the Mediterranean Ridge Figure 1. The hydrocarbon potential of the Greek portion of the Herodotus Basin is already discussed in detail by Bruneton et. al. 2011. The geodynamic regime of the Eastern Mediterranean which leads to the evolution of the Mediterranean Ridge is discussed in detail by MacKenzie1972 Minster and Jordan1978 Le Pichon 1982 Ryan et al 1982 Meulenkamp et. al. 1988 Jackson 1994 Oral et. al. 1995 Ten Veen and Mejer 1998 Cocard et. al. 1999 Papazachos 1999 and 2002 McClusky et. al. 2000 Knapmayer and Harges 2000 Huguen et al. 2001 Mountrakis 2001 Hollenstein et al. 2002 McClusky et. al. 2003 Papazachos and Papazachos 2003 Ten Veen and Kleinspehn 2003 Kreemer and Chamot- Rooke 2004 Reilinger et. al. 2004 and Pavlaki 2006. Figure 1. Tectonic sketch of the Eastern Mediterranean: A The Mediterranean Ridge. Β The Abyssal Herodotus basin Barrier et. al. 2004.

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Copyright © 2012 Pytheas Limited 30 March 2012 5 Pytheas Market Focus The aforementioned scientists have indicated that in the wider area of Crete there is an active geodynamic system that is characterized by the motion of two converging plates: The Eurasian and the African. The Arabian Plate moving counterclockwise is pushing westward the Anatolian Plate which in turn pushes southward the Aegean Plate Figure 2. It is this interaction of the plates which causes the prerequisites for hydrocarbon accumulation to exist namely the confluence of reservoirs source rocks and a way of getting the oil and gas generated from these source rocks into the reservoirs and keeping them there trapping them Kanaswwich and Havskow 1978. In converging plates we usually find large hydrocarbon deposits Thompson 1976 Carmalt and St John 1986. In the Eastern Mediterranean the compressional forces are also responsible for the formation of an underwater ridge the so called Mediterranean Ridge Figure 3. This ridge is forming an accretionary complex whose rate of increase is the fastest in the world Kopf et. al. 2003. 2. The Mediterranean Ridge The Mediterranean Ridge Figure 5 starts from the western part of the island of Lefkas in the Ionian Sea it bends around the island of Crete and ends roughly south of the island of Figure 2. The geodynamic regime of the wider area of Crete and Eastern Mediterranean – The Arabian Plate pushing counterclockwise the Anatolian Plate which in turn pushes sideways the Aegean Plate the latter overrides the African Plate which sub ducts under the island of Crete Pavlaki 2006. Figure 3. The Conversion of the African Plate with the Aegean Plate south of Crete in the region of Eastern Mediterranean – Distortion of the wider sub-Sea region. Formation of trenches and the Mediterranean Ridge Pavlaki 2006.

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Copyright © 2012 Pytheas Limited 30 March 2012 6 Pytheas Market Focus Kastellorizo while following the subduction of the African Plate underneath the Aegean Plate Figure 4. Within this ridge there are two possible hydrocarbon indicators. The first is the existence of over 60 mud flow volcanoes along the subduction zone Figure 6. The second is the occurrence of a large number of accretionary prism complexes Figures 7 and 8. Figure 4. Interpretative 3D tectonic sketch of the Central Mediterranean Ridge and the Olimpi and the Southern Belt mud fields. Two different source levels are proposed for the two mud fields the Olimpi field being related to relatively shallow mud formations with high fluid contents and the Southern Field being connected to deeper mud sources with lower fluid contents Huguen et. al. 2005. Figure 5. The Mediterranean Ridge and the main geotectonic features in Eastern Mediterranean and its wider area of the Trans-Mediterranean section Transmed. VII0 from Moesia to Cyrenaica Papanicolaou et. al. 2004. Figure 6. Location of mud flow volcanoes in the subduction zone along with the location of the Aegean Volcanic Arc – Location of the mud flow volcanoes in the Nile Cone and the Exclusive Economic Zone EEZ of Cyprus within parenthesis the anticipated amount of natural gas to be found modified after Dimitov 2002.

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Copyright © 2012 Pytheas Limited 30 March 2012 7 Pytheas Market Focus A. Mud Flow Volcanoes Mud flow volcanoes within the Greek Exclusive Economic Zone EEZ have been and still are emitting natural gas bubbles for more than 1 million years. A portion of these gases after Figure 7. Portion of the Trans-Mediterranean section Transmed VII starting from Cyrenaica and ending in the Aegean Volcanic Arc. Papanicolaou et. al. 2004 from Gavazza et. al. 2004. Figure 8. Schematic representation of the geodynamic process which created the Hellenides during the Mediterranean Orogenesis and its tectonic migration impact which affected the new subduction zone underneath Crete Mountrakis 2001 Pavlaki 2006.

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Copyright © 2012 Pytheas Limited 30 March 2012 8 Pytheas Market Focus travelling through the sea water are lost in the air Figure 9. Another portion is converted to gas hydrates Figure 10 and another small fraction is consumed by methane bacteria. The area covered by the gas hydrates is close to 200000 Km 2 and the volume is roughly calculated at 30 trillion m 3 assuming an average thickness of 150 meters Figure 11. Roughly 1 of this volume are hydrates that is 0.30 trillion m 3 . This value should be multiplied by 170 m 3 of natural gas/ 1m 3 of hydrate in order to equate it to the conventional natural gas value Massari 2009. This implies that we have the equivalent of 51 trillion m 3 of natural gas which is a huge amount. Figure 10. Hydrate from the Thessaloniki mud flow volcano of Anaximander Mountains Eastern Mediterranean Lykousis et. al. 2004. Figure 11. Hydrate thicknesses in the Mediterranean Sea Praeg et. al. 2007. Red line denotes Greece’s EEZ. Figure 9. Methane bubbles from the bottom of the Mediterranean Sea. Figure 12. Pockmarks gas seeps and the discovery of gas hydrates indicate that the surrounding area is also actively degassing through a vent zone of which the mud volcanoes are a part. The presence of thermogenic gas is inferred from the ratio of methane to heavier hydrocarbon gases indicating a deep source of origin Cronin et al. 1997 Robinson et al. 1996.

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Copyright © 2012 Pytheas Limited 30 March 2012 9 Pytheas Market Focus Geochemical analysis of the bubbles which takes into account the ratio of methane/ethane+ have indicated that the origin of these bubbles is due to the pyrolysis of hydrocarbons that reside at depth – if the ratio of C1/C2+ is far less than 100 then this is considered as strong evidence that the gas is thermogenic in origin whereas if the same ratio is far in excess of 100 the gas is considered biogenic microbial in origin – Robinson et. al. 1996 Cronin et. al. 1997 Figure 12 above Robertson and Kopf 1998 Figure 13 Deyhle and Kopf 2012. Gas hydrate analysis in shallow deposits of the Amsterdam mud volcano Anaximander Mountains North-Eastern Mediterranean Sea showed also a prevalence of thermogenic light hydrocarbons as inferred from C1/C2+ ratios 35 and δ 13 C- CH 4 values of -506 0 / 00 Pape et al. 2010 Figures 14 and 15. Figure 13. Revised model of mud volcanism on the Mediterranean Ridge accretionary complex supported by petrographic and mineralogic data from Leg. 160. Mud volcanism was initiated 1 Ma ago following collision of the to the Mediterranean Ridge accretionary complex with a promontory of the North African passive continental margin Robertson and Kopf 1998. Figure 14. The relation of C 1/C 2+ vs δ 13 C-CH 4 0 / 00 and δ 13 C-C 2H 6 0 / 00 vs δ 13 C-CH 4 0 / 00 in the Amsterdam Mud Flow Volcano Anaximander Mountain indicating the thermogenic origin of methane bubbles Pape et. al. 2010. Active mud flow volcanoes are associated throughout the world with hydrocarbon occurrences. Offshore Crete at the point where the African plate submerges there is a large number of active mud flow volcanoes pockmarks and pipenecks emitting methane for thousands of years. fields Hydrocarbon analysis offshore Crete on mud samples around mud flow volcanoes taken during the Ocean Drilling Program indicates again the presence of an active hydrocarbon system at depth

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Copyright © 2012 Pytheas Limited 30 March 2012 10 Pytheas Market Focus Also using the isotope signature of hydrocarbon gases δ 13 C CH4 δ 13 C C2H8 along with the ratio of CH 4 /C 2 H 6 Toki et. al. 2006 it is established that the origin of hydrocarbons in the Sagara oil field in central Japan is thermogenic. Ranges of gas composition corresponding to i bacterial gas ii thermogenic oil-associated gas iii dry post- mature thermogenic gas and iv gas of mixed biogenic/thermogenic origin have been defined facilitating the interpretation of gas compositional data by Schoell 1983 1988 Faber et. al. 1992 Whiticar 1994 Buruss and Laughrey 2009. Some thermogenic bubbles are covered with a liquid hydrocarbon sleeve and upon their arrival on the water surface they explode and leave an oil slick. This slick grows when similar bubbles arrive at the water surface. This phenomenon is visible from satellites Figure 16 Roberts and Peace 2007 these analyses along with the occurrence of oil slicks leads to the existence of working petroleum systems at depth. Pyrolysis of saturates and/or aromatics of oil occur at 180 0 C. A geothermal gradient of 33 0 C/1000 meters implies that oil petroleum systems occur at a depth of around 5000 to 5500 meters Loncke 2004 Figure 17. The same is observed also in Exploration Block 5 of the Cyprus EEZ Figure 18. Figure 15. Generation of gases from organic matter with increasing temperature Buruss and Laughrey 2009. Figure 16. Oil films resulting from escaping gas bubbles which are coated with oil – Gas bubbles are derived from Active Mud Volcanoes in offshore Nile Cone Egypt. Picture taken from satellites Roberts and Peace 2007. Figure 17. Active Mud Flow Volcanoes brown triangles Gas chimneys brown discs and Thermogenic Pockmarks and Mounds offshore Southern Crete. The pre-Messinian source rocks/ reservoir for the mud cones brown are highly visible as well as the reservoir/source for the gas chimneys light brown Loncke et al. 2004. Visible from satellites offshore Crete a phenomenon of thermogenic bubbles covered with liquid hydrocarbon sleeve explode leaving an oil slick... indicating the existence of petroleum systems A geothermal gradient of 33 0 C/1000 meters implies that oil petroleum systems occur offshore Crete at a depth of around 5000 to 5500 meters

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Copyright © 2012 Pytheas Limited 30 March 2012 11 Pytheas Market Focus Hydrocarbon analysis on mud samples around mud flow volcanoes taken during the ODP Ocean Drilling Program Leg 160 indicate the presence of an active hydrocarbon system at depth Robertson and Kopf 1998. The geochemical data along with the immense volumes of hydrates that lie in the bottom of the Mediterranean Sea 50 trilion m 3 of natural gas is equivalent to 328 billion barrels of oil raises the question of how much organic matter was imbedded in the sediments in order to be converted through diagenesis to kerogen subsequently to oil and finally upon pyrolysis to methane bubbles. This organic matter probably phytoplankton was buried in pre-Messinian sediments at depths of more than 5000 meters in order to produce pyrolitic methane. Thus the origin of methane gases cannot be attributed to post-Messinian sediments. The huge amounts of organic matter is most likely phytoplankton accumulated since the creation of the Tethys Sea that is since the end of the Jurassic beginning of the Cretaceous some165 million years ago. Tethys during the mid-Messinian was a shallow sea Figure 19 with temperatures similar to tropical ones. This type of climate was responsible for the production of large quantities of organic matter which upon burial and diagenesis generated huge amounts of oil and gas. Hydrocarbon generating conditions in offshore Crete and the Eastern Mediterranean were akin to those of Saudi Arabia and all the states of the Persian Gulf Figures 20 and 21. One has to remember that during the Cretaceous Era the Persian Gulf was the inlet of the Tethys Sea passing through the Mediterranean to meet the Atlantic Ocean. Figure 18. Large anticline on the toe of deep Nile Delta Fan with Messinian low-stand Delta clastic sand faulted pre-Messinian. Gas chimneys are highly visible Montadert and Nikolaides 2010. Figure 19. The geology of North Africa and Southern Europe during Mid Miocene Scotese 2000.

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Copyright © 2012 Pytheas Limited 30 March 2012 12 Pytheas Market Focus The correlation between mud flow volcanoes and hydrocarbon discoveries can be seen in both the Egyptian and the Cypriot EEZ Figures 22 and 23 respectively. More correlations are reported by Bruneton et. al. 2011. Also the role of mud volcanoes in petroleum systems can be easily seen in Timor South Caspian and the Caribbean Seas Ware and Ichram 1997. Figure 20. Modern world Scotese 2000. Figure 21. The Middle East Oil Triangle Aleklett 2004.

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Copyright © 2012 Pytheas Limited 30 March 2012 13 Pytheas Market Focus Figure 22. Occurrence of mud flow volcanoes and hydrocarbon reservoirs in the Nile Cone and EEZ of Cyprus. Modified by E. Konophagos from Dupre et. al. 2008 and Robertson 1996. Figure 23. Distribution of natural gas reservoirs offshore Egypt Neftegaz EU 2010 Rigzone 2010.

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Copyright © 2012 Pytheas Limited 30 March 2012 14 Pytheas Market Focus B. Accretionary prism complexes An accretionary prism is an individual structure which can have one oil or gas field. In extremely compressed areas faulting defines individual structures and individual oil and gas fields. The compression shape does not provide us with giant gas fields. However the total accumulated reserves in all structures can be enormous. A different situation can exist in places with less compressional stresses or extensional areas As per personal communiqué with Lucien Montadert petroleum geologist BEICIP/FRANLAB structures can be enormous. A different situation can exist in places with less compressional stresses or extensional areas As per personal communiqué with Lucien Montadert petroleum geologist BEICIP/FRANLAB Accretionary prisms are underexplored for hydrocarbons and may hold large quantities of hydrocarbon reserves Dolan et. al. 2004 Barbados accretionary prism Escalona et. al. 2008 Barbados accretionary prism Persad 2008 Barbados accretionary prism Ellouz- Zimmerman etal. 2007 Makran accretionary prism Pakistan Hairms et. al. 1982 Makran accretionary prism Pakistan Klein et al. 2011 Peru margin characterized by oceanic/ continental plate collision with accretionary prisms Jones et. al. 2011 West Timor Trough Wandrey 2006 Irrawaddy-Andaman accretionary prism. In the Mediterranean Ridge accretionary prism complexes occupy an area of over 80000 Km 2 Figure 24 and starts offshore west of the island of Kefallinia travels along western Peloponnese goes underneath Crete ending offshore the island of Cyprus occupying an area of over 80000 Km 2 . This area is worth exploring for hydrocarbon deposits since out of 877 giant oil and gas fields which exist on land and offshore while 71 are encountered within the accretionarry prisms Mann et. al. 2003. 3. Hydrocarbon potential within the Mediterranean Ridge Though there is substantial geophysical information concerning the offshore geology of Crete Astrium EADS Co. Figure 25 and PGS information Figure 26 these data are unavailable to Greek scientists. However Zelilidis 2011 and Maravelis et al. 2012 using data from Leite and Mascle 1982 Truffert et. al. 1993 and Kokinou et. al. 2006 have identified the stratigraphy the geological evolutionary stages and basin configurations offshore Crete which lead to possible hydrocarbon fields consisting mainly of gas. The possible areas are two major anticlines and an abyssal plain while another seven backstop basins-trenches represent possible hydrocarbon plays Figures 27 28 and 29. Also Robinson 2011 of Petroleum Geo-Services PGS during his oral presentation at the Department of Energy and Climatic Changes YPEKA showed from the point of hydrocarbon prospectivity that the southern basin of Crete is very similar to the West Timor Trough Jones et al. 2011 as well as the Levantine basin Figures 30 and 31. PGS is very familiar with Levantine basin. The fact that USGS Technical Report 2010 has assessed the Levantine Basin to have on 50 chance 123 trillion cubic feet of natural gas and 1.7 billion barrels of gas condensate creates a very favourable climate for hydrocarbon exploration in offshore Crete. Zelilidis 2011 and Maravelias et. al. 2012 have also concluded that there are several potential hydrocarbon plays as well as structural and stratigraphic traps. The same belief is shared also by Robinson 2011. Figure 24. The area covered by the Mediterranean Ridge accretionary prisms. Its implication for potential hydrocarbon reserves en. Wikipedia org/…./Mediterranean Ridge. A large number of accretionary prisms encountered within the Mediterranean Ridge offshore Crete whose length is over 1000 Km indicate the existence of large to giant hydrocarbon deposits

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Copyright © 2012 Pytheas Limited 30 March 2012 15 Pytheas Market Focus Figure 25. Geological and geophysical data maps by ASTRIUM an EADS Co. Figure 26. Existing seismic coverage information package limited to Prinos and Sea of Thrace area seismic data acquired by unknown companies in the 90’s 00’s and 2009. Robinson J. PGS multi-client presentation at Ministry of Energy and Climatic Changes YPEKA Athens Greece July 2011.

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Copyright © 2012 Pytheas Limited 30 March 2012 16 Pytheas Market Focus Figure 27. Possible hydrocarbon plays offshore southern Crete. Two major anticlines ellipsoidal red circles and the Hellenic trench 2 Km below sea level. Also Abyssal Plain Oval red Circle. Zelilidis 2011. Figure 28. Example from the six backstop basins southward of Crete Gavdos Gortys Poseidon Ptolemeus Pliny and Stravon trenches. Interpretation of seismic reflection profiles across the western south Cretan Trench. P.Q. recent sedimentary cover. uM Miocene evaporite and related tectonics Maravelis et al. 2012.

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Copyright © 2012 Pytheas Limited 30 March 2012 17 Pytheas Market Focus Figure 29. Hydrocarbon Fields pale blue oval circles offshore Crete according to Maravelis et. al. 2012. Figure 29. Hydrocarbon potential in Greece. Source rocks Reservoirs Seals Traps and Type basin. Presentation of PGS by J. Robinson at the ministry of Energy and Climatic Changes Athens Greece ΥΠΕΚΑ 2011.

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Copyright © 2012 Pytheas Limited 30 March 2012 18 Pytheas Market Focus 4. Conclusions 1. Converging plates host large hydrocarbon fields. In the Eastern Mediterranean the Aegean plate overrides the African plate underneath the island of Crete. Henceforth the possibility of having large hydrocarbon deposits should be investigated. 2. Accretionary prisms throughout the world Barbados Makran Irrawaddy-Andaman West Timor Trough are indicative of giant hydrocarbon deposits. A large number of accretionary prisms are encountered within the Mediterranean Ridge whose length is over 1000 Km Hence the existence of large to giant hydrocarbon deposits should be the subject of intense exploration research. 3. Active mud flow volcanoes are associated throughout the world with hydrocarbon occurrences Timor South Caspian Sea the Caribbean Egypt and Cyprus. Underneath Crete at the point where the African plate submerges there is a large number of active mud flow volcanoes pockmarks and pipenecks emitting methane for thousands of years. As a result a thorough investigation could reveal giant oil fields. Figure 31. The Levantine Basin with its recent oil and gas discoveries. Assessed potential for further discoveries of natural gas 122 tcf 3.45 tcm and oil 1.7 billion barrels USGS Technical Report 2010.

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Copyright © 2012 Pytheas Limited 30 March 2012 19 Pytheas Market Focus 4. Geochemical analysis of emitted methane bubbles from active mud flow volcanoes indicates that their origin is thermogenic. This implies that pyrolysis or better thermal cracking of hydrocarbons takes place at depth where temperatures are 160 0 C to 180 0 C. Based upon a geothermal gradient of 33 0 C/1000 meters pyrolysis should take place at a depth between 5000 to 5500 meters. Hence working petroleum systems are encountered at depth while the thickness of the sediments below sea level is over 5000 meters. 5. Hydrocarbon analysis on mud samples around mud flow volcanoes taken during the Ocean Drilling Program ODP indicates again the presence of an active hydrocarbon system at depth. 6. Based upon geological and geophysical data Greek scientists have identified offshore Crete within the Mediterranean Ridge two major anticlines an abyssal plain and seven backstop basin-trenches as possible hydrocarbon plays. 7. Based upon the geological similarities and their vast experience in both the Eastern Mediterranean and the West Timor trough Petroleum Geo-Services PGS have suggested that the Southern basin of Crete is equivalent to the Levantine basin. This result implies that the potential to discover natural gas and oil in offshore Crete is very strong.

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Copyright © 2012 Pytheas Limited 30 March 2012 20 Pytheas Market Focus The conclusions of the Paper in the Greek language: ΟΙ ΣΥΓΚΛΙΝΟΥΣΕΣ ΛΙΘΟΣΦΑΙΡΙΚΕΣ ΠΛΑΚΕΣ ΚΑΙ Η ΤΑΥΤΟΧΡΟΝΗ ΥΠΑΡΞΗ ΠΡΙΣΜΑΤΩΝ ΕΠΑΥΞΗΣΗΣ ΚΑΙ ΛΑΣΠΟΗΦΑΙΣΤΕΙΩΝ ΣΤΗΝ ΜΕΣΟΓΕΙΑΚΗ ΡΑΧΗ ΩΣ ΔΕΙΚΤΕΣ ΥΠΑΡΞΗΣ ΚΟΙΤΑΣΜΑΤΩΝ ΥΔΡΟΓΟΝΑΝΘΡΑΚΩΝ ΣΤΗΝ ΠΑΡΑΚΤΙΟ ΝΟΤΙΑ ΚΡΗΤΗ. ΝΕΕΣ ΠΡΟΟΠΤΙΚΕΣ ΕΝΤΟΠΙΣΜΟΥ ΚΟΙΤΑΣΜΑΤΩΝ ΥΔΡΟΓΟΝΑΝΘΡΑΚΩΝ ΣΤΗΝ ΕΛΛΑΔΑ. Συμπεράσματα 1. To 20 των γιγαντιαίων κοιτασμάτων υδρογονανθράκων απαντάται στα σημεία σύγκλισης των λιθοσφαιρικών πλακών. ‘Άρα η ύπαρξη κοιτασμάτων υδρογονανθράκων στην υπεράκτιο Νότια Κρήτη θα πρέπει να διερευνηθεί. 2. Τα Πρίσματα Επαύξησης σε όλο τον κόσμο Barbados Makran Irrawaddy – Andaman West Timor Trough είναι δείκτες ύπαρξης γιγαντιαίων κοιτασμάτων υδρογονανθράκων. Επομένως η ύπαρξη κοιτασμάτων υδρογονανθράκων στην υπεράκτιο Νότια Κρήτη θα πρέπει να διερευνηθεί δεδομένου ότι τα επαυξητικά πρίσματα βρίσκονται στην Μεσογειακή Ράχη που έχει μήκος πάνω από 1000 χιλιόμετρα. 3. Ενεργά λασποηφαίστεια σε όλο τον κόσμο προδίδουν την ύπαρξη γιγαντιαίων κοιτασμάτων υδρογονανθράκων Timor Καραϊβική Θάλασσα Νότια Κασπία Θάλασσα ήτοι Αζερμπαϊτζάν Ιράν Μαύρη Θάλασσα ήτοι Ρουμανία Ρωσία και Τουρκία Ανατολική Μεσόγειος ήτοι Αίγυπτος Κύπρος και Τουρκία. Επομένως η ύπαρξη κοιτασμάτων υδρογονανθράκων στην υπεράκτιο Νότια Κρήτη θα πρέπει να διερευνηθεί. 4. Γεωχημικές αναλύσεις των φυσαλίδων του μεθανίου που εκλύονται από τα ενεργά λασποηφαίστεια τα οποία απαντώνται στον υποθαλάσσιο χώρο της Κρήτης δείχνουν με σαφήνεια ότι η προέλευσή τους δεν είναι βιογενετική αλλά θερμογενετική/πυρολυτική. Αυτό σημαίνει ύπαρξη κοιτασμάτων αργού πετρελαίου. Επομένως η ύπαρξη κοιτασμάτων υδρογονανθράκων στην υπεράκτιο Νότια Κρήτη θα πρέπει να διερευνηθεί. 5. Σε δείγματα ιλύος που λήφθησαν κατά την διάρκεια του προγράμματος Ocean Drilling Program ODP γύρω από τα ενεργά λασποηφαίστεια της Κρήτης πιστοποιήθηκε η ύπαρξη υγρών υδρογονανθράκων στα δείγματα. Και αυτή η ένδειξη μας υποδεικνύει την ύπαρξη συστήματος πετρελαιογένεσης σε μεγάλα βάθη the presence of an active hydrocarbon system at depth. 6. Με βάση τα γεωλογικά και γεωχημικά δεδομένα όπως επίσης τα πολύ λίγα γεωφυσικά στοιχεία που έχουν στην διάθεσή τους ορισμένοι μόνον Έλληνες Πανεπιστημιακοί ότι στην υπεράκτιο υπάρχουν στην Νότια Κρήτη και εντός της Μεσογειακής Ράχης δύο 2 μεγάλα αντίκλινα μία 1 αβυσσική λεκάνη και επτά 7 οπισθοτάφροι που μπορούν να αποτελέσουν πεδία έρευνας για τον εντοπισμό κοιτασμάτων υδρογονανθράκων. 7. Η Νορβηγική εταιρεία γεωφυσικών ερευνών Petroleum Geo-Services PGS με βάση τις μελέτες που έχουν γίνει νότια της Κρήτης εν αγνοία των ελληνικών κυβερνήσεων διαπίστωσε από την εμπειρία της με τις μελέτες που έκανε στην Ανατολική Μεσόγειο ότι υπάρχουν τεράστιες γεωλογικές ομοιότητες με την λεκάνη της Λεβαντίνης ΑΟΖ Κύπρου Ισραήλ Συρίας και Λιβάνου η οποία θεωρείται από την Γεωλογική Υπηρεσία των ΗΠΑ USGS ότι έχει τουλάχιστον 3.45 τρις. m³ φυσικού αερίου και 17 δισ. βαρέλια αργού πετρελαίου. Άρα επιβάλλεται η έρευνα για τον εντοπισμό κοιτασμάτων υδρογονανθράκων νοτίως της Κρήτης.

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Copyright © 2012 Pytheas Limited 30 March 2012 21 Pytheas Market Focus The Authors Mr. Alain BRUNETON a Geologist and Geophysicist is an independent consultant. Mr. Bruneton worked with BEICIP-FRANLAB as a processing geophysicist and at its joined seismic interpretation group. At BEICIP-FRANLAB he was also in charge of its geophysical department. He has worldwide experience in basin interpretation and oil and gas field studies using modern technologies i.e. 3D and AVO as well as interpretation workstations i.e. Landmark and Kingdom Suite. Selected publication titles include: “Petroleum potential of the Niger Grabens” Journal Petroleum Geology “The structural and tectonic framework of Western Greece” Tectonophysics “AVO anomalies study in the Gharb Basin” AAPG. “The petroleum potential of East Mediterranean Offshore” “The economic and geopolitical importance of Eastern Mediterranean gas fields”. Mr. Bruneton holds a Master of Sciences in Geology and an ENSPM in Geology and Geophysics. Dr. Elias KONOFAGOS a Chemical Engineer of Oil Gas Production is the Executive Vice-President of FLOW Energy S.A. a high level EP consulting services company. He started his career with Elf Acquitaine North Sea Heimdal Gas Field Development then with Mobil North Sea in Stavanger Statfjord-B Oil Gas Field. He worked with the Public Petroleum Corporation of Greece S.A. supervision of Prinos Oil Field South Kavala Gas Field Developments and the Public Petroleum Corporation Exploration Production S.A. execution of the First Licensing Round in Greece. He also acted as International EP General Director at Hellenic Petroleum S.A. Having an extensive worldwide Oil Gas Exploration and Production experience in Managing EP assets creating value and improving business performance he published more than 80 scientific papers and studies internationally. Dr. Konofagos was awarded a PhD Docteur d’ Etat es Sciences of Chemical Engineering on Oil Gas Production by the École Polytechnique Fédérale de Lausanne and he is an IFP Petroleum Economics Greek Eisenhower Fellow on Oil Exploration Production Energy. Dr. Anthony E. FOSCOLOS is an Emeritus Professor at the Technical University of Crete and an Emeritus Research Scientist at the Geological Survey of Canada. Upon completing his graduate studies at the University of California Berkeley 1966 he was hired by the Geological Survey of Canada Institute of Sedimentary and Petroleum Geology to carry research in the area of hydrocarbons in Central Alberta Northeastern British Columbia the Beaufort MacKenzie Region and the Canadian Arctic Islands one third of his publications are related to these scientific activities. In 1986 he was elected as a professor at the Technical University of Crete Department of Mineral Resources Engineering. His teaching was related to the field of Inorganic and Organic Geochemistry and Organic Petrology. Dr. Foscolos also served as its Academic Vice President 1966-1997 and the Head of the Department of Mineral Resources Engineering 1988-1993. He has also been an energy consultant for the United Nations Development Program 1995-1997 and Adjunct Professor Department of Geography and Archaeology University of Calgary 1975-1986. His scientific record includes 74 publications most of them in peer review journals with a Citation Index of 243 till 2003 33 participations at International and National Conferences with presentations and posters and 14 Technical Reports for the Public Petroleum Corporation of Greece DEP-EKY Public Power Corporation of Greece S.A. DEH Institute of Mineral Exploration Greece IGME and the United Nations. A. Bruneton E. Konofagos A.E. Foscolos

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Copyright © 2012 Pytheas Limited 30 March 2012 22 Pytheas Market Focus Sources and Bibliography Alphabetically ► Aleklet K. 2006. The Swedish plan for independence on oil. Pisa Italy July 2006. ► Barrier E. Chamot-Rooke N. Giordano G. 2004. Geotectonic Map of the Mediterranean sheet 1 Tectonics and Kinematics Commission for the Geological Map of the World CCGM/CGMW Edition Paris France. ► Bruneton A. Konofagos E. Foscolos A. 2011. Economic and Geopolitical Importance of Eastern Mediterranean gas fields for Greece and the EU. Emphasis on the Probable Natural Gas Deposits Occurring in the Libyan Sea within the Exclusive Economic Zone of Greece. Mineral Wealth v 160 pp.7-22. ► Buruss R. C. Laughrey C.D. 2009. Covariation of carbon and hydrogen isotopic composition in natural gas: Separating biogenic thermogenic and Abiotic inorganic CO2 reduction source USGS. ► Carmalt S. W. St John B. 1986. Future Petroleum Provinces of the World. Giant oil and gas fields. 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