Greece Is Not Poor – It Actually Has Massive Uptapped Reserves Of Gold, Oil And Natural Gas


This article is bringing up very important facts but in a, politically seen, ‘naive’ way since small consideration of the political facts in Greece and the Eurozone at this moment is taken. Therefore I add an additional comment after this article, because it is necessary in order for it to make sense, politically, and be in accordance with the actual truth in this issue…

Kosmas Loumakis


Source: Michael Snyder, BLN Contributing Writer

It turns out that the poster child for the European debt crisis is not actually poor at all.  In fact, the truth is that the nation of Greece is sitting on absolutely massive untapped reserves of gold, oil and natural gas.  If the Greeks were to fully exploit the natural resources that are literally right under their feet, they would no longer have any debt problems.  Fortunately, this recent economic crisis has spurred them to action and it is now being projected that Greece will be the number one gold producer in Europe by 2016.  In addition, Greece is now opening up exploration of their massive oil and natural gas deposits.  Reportedly, Greece is sitting on hundreds of millions of barrels of oil and gigantic natural gas deposits that are worth trillions of dollars.  It is truly sad that Greece should be one of the wealthiest nations in all of Europe but instead the country is going through the worst economic depression that it has experienced in modern history.  It is kind of like a homeless man that sleeps on the streets every night without realizing that a relative has left him an inheritance worth millions of dollars.  Greece is not poor at all, and hopefully the people of Greece can learn the truth about all of this wealth and chart a course out of this current mess.

I have written extensively about the nightmarish economic conditions that Greece is experiencing right now.  Since the depression began in Greece, the Greek economy has contracted by more than 20 percent.  In April 2010, the unemployment rate in Greece was only 11.8 percent.  Since then it has skyrocketed to 25.1 percent.

The government debt to GDP ratio in Greece is projected to hit 198 percent this year, and there are persistent rumors that Greece will be forced to leave the euro.

But all of this is completely and totally unnecessary.  Greece is not actually poor at all.  In fact, after you account for untapped natural resources, Greece is actually one of the wealthiest nations in all of Europe.

According to Bloomberg, there is a massive amount of gold in Greece.  This recent economic crisis has accelerated the approval of mining activity, and it is now being projected that Greece will soon be the number one gold producing country in all of Europe…

Gold mining is gathering momentum after Greece began what it called a “fast-track” approvals program. The Canadian and Australian companies said their projects will add about 425,000 ounces by 2016, worth $757 million at the Oct. 5 spot price, to the 16,000 ounces the country produced in 2011.

“There’s clearly evidence that Greece has woken up to the potential of their mining industry,” said Jeremy Wrathall, chairman of Perth-based Glory Resources. “Politicians increasingly realize that a pro-mining stance is appropriate due to job creation potential.”

Greece, which is also fast-tracking state property sales, is set to overtake Finland as the continent’s largest gold producer within four years, as regulators in Athens sign off on mines kept on hold for more than a decade by red tape and environmental rules.

But Greece doesn’t just have gold.  Greece is also swimming in oil and natural gas.  It turns out that Greece is sitting on the western edge of an absolutely mammoth sub-Mediterranean oil and gas field, and there are also huge deposits of oil and natural gas in the western parts of the country.

A Reuters article back in July discussed how foreign firms are now rushing to exploit these tremendous resources…

Greece has received eight bids by companies to search for oil and natural gas in three blocks in the western part of the country, the energy ministry said on Monday, as debt-laden Athens seeks to save money on energy imports.

Greece, which produces almost no oil or natural gas, aims to develop potential hydrocarbon reserves as part of an effort to overhaul its economy and lessen dependence on energy imports.

So exactly how much oil and natural gas does Greece have?

The numbers that are being reported so far are staggering.  The following comes from a Greek news source

Until now the offers for hydrocarbon exploration have concerned three blocks: The first is in the Gulf of Patra, the second off the coast of Katakolo — both in Western Greece — and the third at Ioannina, northwestern Greece.

Early estimates suggest that the Gulf of Patra may have 200 million barrels of crude oil, and that there are another 80 million at Ioannina and nearly 3 million off the coast of Katokolo.

Furthermore, according to the United States Geological Survey, in the sea between Crete, Cyprus, Israel and Egypt, there are about 15 trillion cubic meters of natural gas and oil just waiting to be extracted.

The truth is that Greece has enough oil and natural gas to be able to pay off all of their debts.  The value of the natural gas that they are sitting on alone has been estimated to be worth trillions of dollars.  The following is from an article earlier this year by F. William Engdahl

In December 2010, as it seemed the Greek crisis might still be resolved without the by-now huge bailouts or privatizations, Greece’s Energy Ministry formed a special group of experts to research the prospects for oil and gas in Greek waters. Greece’s Energean Oil & Gas began increased investment into drilling in the offshore waters after a successful smaller oil discovery in 2009. Major geological surveys were made. Preliminary estimates now are that total offshore oil in Greek waters exceeds 22 billion barrels in the Ionian Sea off western Greece and some 4 billion barrels in the northern Aegean Sea. [1]

The southern Aegean Sea and Cretan Sea are yet to be explored, so the numbers could be significantly higher. An earlier Greek National Council for Energy Policy report stated that “Greece is one of the least explored countries in Europe regarding hydrocarbon (oil and gas-w.e.) potentials.” [2] According to one Greek analyst, Aristotle Vassilakis, “surveys already done that have measured the amount of natural gas estimate it to reach some nine trillion dollars.” [3]  Even if only a fraction of that is available, it would transform the finances of Greece and the entire region.

Tulane University oil expert David Hynes told an audience in Athens recently that Greece could potentially solve its entire public debt crisis through development of its new-found gas and oil. He conservatively estimates that exploitation of the reserves already discovered could bring the country more than €302 billion over 25 years.

So unlike several other nations in Europe, things actually look quite promising for Greece in the years ahead if they manage their resources correctly and don’t let foreigners come in and steal all of their wealth.

And perhaps this is why there is such hesitation to boot Greece out of the EU.  It seems probable that many of the top politicians in Europe know about all of this gold, oil and natural gas that Greece is sitting on.

Hopefully the people of Greece will learn about this massive amount of wealth that is just under their feet.  If they can figure out a way to get this wealth to start to flow into the hands of the people of Greece, a lot of their problems could be solved rather quickly and they could start to experience a massive economic turnaround.



“Answer to Mr Snyders article:

Dear Mr Snyder, I appreciate your brave attempt to show the possibilities of Greece, but allow me to say that it is done in a very naive manner since the fact that the Greek people is NOT in power at this moment is ignored. Did you ask anyone of us whether we know about this or not? We have known about these resources for decades and we also know that this is why FYROM (Skopje) is so keen on calling itself Macedonia (to claim parts of Greece exactly where the gold and silver is), why Turkey wants to put its foot in Thrace (same reason as FYROM), why Albania claim land from Greece and why the AOZ between Turkey and Greece (sea borders) has not yet been determined… We know that this is the main reason behind the Greek entrance in the Eurozone in 2002 (and why Goldman Sachs helped the Greek ministry of finance to ‘fix’ the figures)… We have seen the shadows of the vultures flying over our nation for a long time now, and it’s rather offending of you to suggest that we are like ‘a homeless man’ who doesn’t know about his inherited wealth. Why don’t you question the ethos of the ‘robbing man’ and the ‘lying man’ who caused the ‘homeless man’ his homelessness? If you don’t ask us first, you might awake suspicions that you assume ignorance from our side based on the well known ‘colonial’ ethos that so often the bought academia is adopting. The ‘colonial’ ethos is the one that doesn’t at all consider the people who inhabit the land in their calculations… Why don’t you also clarify in this article, that the people of Greece are NOT controlling the decisions today but a bunch of oligarchs? Why don’t you explain that it is a highly infected political scene determining Greece’s future at this moment with no consideration of the best for the people and the country of Greece? We know about this because the Greek police frequently arrest protesters who protest where the gold and silver is going to be mined (by foreign companies)… Last time this was done was yesterday 21-10-2012.

Why do you think that Greece has been under such an obvious, first of all social, cultural and political attack since the mid-70’s from the super powers, then a financial attack since the mid-90’s by the EU and the central banks? To compare Greece with a ‘homeless man’ that does not know that he have a lot of money is a ridiculous allegory, simply because it is very wrong since this homeless guy KNOWS VERY WELL who put him on the streets and since then are trying to take over the rights of his wealth!… Greece is NOT opening up their exploitation of their resources now, THE CORRUPT BUSINESSMEN AND POLITICIANS ARE INSTEAD BARGAINING WITH OUR PUBLIC WEALTH FOR PEANUTS WITH THE FOREIGN LOAN SHARKS… Maybe you are not so familiar with what the first and second, undemocratically and unconstitutionally imposed “memorandum” says in clear text in its 700 pages. It takes from the Greek people, the Greek public that is, the rights to claim or demand anything out of this wealth unless the ‘lenders’ are paid first… Never mind that 80% of those loans didn’t go to the public at all, but to private bank accounts and untaxed too! Unless these assets lays in the hands of the Greek people, the future is not at all that bright for the Greek people Mr Snyder, because the same corrupt forces that has put Greece in its current situation will rob it’s “newly” discovered wealth too. Only if these resources will be controlled by the Greek people and ONLY the Greek people, can this truly benefit us… Otherwise this will go the same way as all the previous wealth that superpowers robbed from Greece before (Prussia, Italy, Russia, France, Germany, UK and USA since 1824)!

Mr Snyder if you want to analyze the future of the Greeks and what’s the best for us in an adequate way, learn our modern history properly first and see who always stole our wealth and put our country in proper catastrophes. OUR PROBLEM IN HISTORY HAS NEVER BEEN TO DISCOVER THINGS OR UNDERSTAND THINGS IN THEIR ESSENCE, NO… OUR PROBLEM HAS ALWAYS BEEN ‘THIEVES’ AND ‘KILLERS’ WHO WANTED OUR WEALTH AND OUR LAND! It is not us who hold the culture of piracy, theft and genocides on a pedestal, for imperial profit and gain of power. The shallow copy-civilization of UK with it’s incestuous, mutant off-spring, USA, has such barbaric imperial stains in their national characters, not us!”

Kosmas Loumakis


About athenianvoice

Kosmas Loumakis - Sociological consultant, analyst, field operative and tactical field coordinator of national and regional social projects in Sweden. Was contracted for almost two decades by governmental bodies and NGO's, in governmental gang crime and extremism preventive efforts. Have produced a number of socio pedagogic action plans and developed methods, field tactics and strategies for gang crime and extremism preventive projects.

Posted on October 22, 2012, in Articles in English, Hot. Bookmark the permalink. Leave a comment.

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