A statement issued by the Hellenic (Greek) Hydrocarbon Resources Management (HHRM) department on Thursday, says that reliable research results indicates that the seabed region south of the Greek island of Crete might contain large quantities of hydrocarbons.

”The team of HHRM completed the processing of seismic data to accurately map the geometric structures in the marine areas of central Ionian and south of Crete,” the statement began.

”In regard to Crete, it is worth noting that for the first time a thorough study has been conducted in the unexplored area south of Crete with the most modern geophysical data. New structures have been identified that resemble the two well-known geological models of the Eastern Mediterranean, namely ‘Leviathan’ and ‘Zor.’

“The study includes an updated map of mud volcanoes with an interpretation which provides information on the age of rocks buried deep in the soil, thermal maturity and organic matter content. The study included 15 seismic lines totaling 2,500 km,” the HHRM report explained.

By highlighting the fact that this geological area south of Crete resembles the seabed near Israel and Egypt, where massive deposits of natural gas have already been found, hopes are raised for a potential new hydrocarbon deposit.

This time, the resources would be completely within Greece’s Exclusive Economic Zone.

The HHRM team added in its report that ”Technical studies for both sites are available to businesses that have already purchased seismic data.”

It is entirely possible that the broader area south of Crete could provide much-needed oil and gas resources which could then be transported to the Greek mainland and the rest of the EU via the EastMed pipeline, which Greece, Cyprus and Israel are already planning on building in the near future.