Oil dynamics in the Ionian Sea

Abstract

Geophysical studies in the maritime area extending from Corfu to Southeastern Peloponnese, as well as the recent elaboration of research data indicated the possible existence of 2 bl oil barrels, while the largest part of Western Greece remains still unexplored. It should be noted that the largest part of oil fields is located between Otranto and Corfu, where odd arrangements were made in favour of Italy, when the continental shelf boundary Agreement between Italy and Greece the Greek-Italian was signed in 1977. Given the above, the prospective to find oil in the area of the Ionian Sea, the future territorial arrangements or claims in the Balkan area, as well as the future crossing of energy, telecommunication and transport axes and networks of highest geo-strategic importance within the same area, attach a significant strategic role to the area of the Mediterranean and the Ionian Sea, arising global interest, NATO's included. Given also the harsh economic situation in Greece and taking into account that the international environment is not negative towards Greece, the latter must proceed to the exploitation of all possibilities offered by its subterranean wealth, without any vacillation and/or concession of its sovereignty rights. The analysis methodology that we used in this study is based on the principles of the Systemic Geopolitical Analysis, as it is presented by Dr. I. Th. Mazis, Professor at the University of Athens.