Following recent Press publications regarding the imminent creation of a Petroleum Institute, responsible for coordinating oil exploration in Greece, the Institute of Energy for SE Europe (IENE), an independent non-profit non-governmental organization whose main activity is the observation, analysis and elaboration of proposals regarding energy-related subjects, issued the following statement:
«The sector of hydrocarbon research and development in Greece is particularly important as it offers the possibility of attracting large-scale foreign investments, which would contribute significantly to the country's economic development and ensure high and stable revenues for the State budget. Explorations carried out to date on Greek territory, whether on land or offshore, by private companies (but also, at an earlier date, by DEP and DEP-EKY) have covered but a small portion of the country's surface.
It should be noted though, that the geological and geophysical surveys already carried out confirm that Greece has an important, albeit unexploited, crude oil potential. Unfortunately, the disbanding of DEP-EKY, the sole State company with the responsibility and know-how for hydrocarbon research and development in Greece, in 1998 by the government of the time meant that all research efforts in this field were abandoned. Greece is possibly the only country endowed with a crude-oil potential that is not taking advantage of the high oil prices and the intense interest shown by international corporations, which are prepared to shoulder the business risk of exploring its oil reserves. On condition that this is carried out successfully, not only will crucial indicators of the Greek economy be improved, but it will also contribute significantly to the security of the country's energy supply.
For all of these reasons, IENE has long proposed the creation of an independent public agency in the form of a "société anonyme" (Legal Entity of Public Law) and which, with the appropriate organization and necessary staffing, will reactivate the relevant legislation (Law 2289/95) and exercise the Hellenic State's rights regarding the exploration and location of new oil and natural gas reserves, by attracting Greek and foreign investors. To this end, IENE is presently elaborating an integrated proposal, which will be submitted to the government shortly.»