Greece’s unexplored oil deposits could cover 30 percent of the
country’s annual energy needs over the next 30 years, according to a
government document.
In a report prepared by the Environment,
Energy and Climate Change Ministry, the government says that “despite a
lack of continual and complete studies, it is confirmed that the country
has gasoline supplies.”
“What is needed is research to locate and
determine whether the hydrocarbons can be developed,” the report
states.
“It is estimated that the hydrocarbons could cover about a
third of Greece’s energy needs in the next 30 years and have an impact
on crude oil spending, state revenues and job growth.”
As the
country consumes 120 million barrels of oil every year – 99.5 percent of
which is imported – the report indicates that hydrocarbon deposits
could produce some 40 million barrels per year.
Greece is in the
process of putting together a state body that will manage the rights to
hydrocarbon exploration and tender them off to gas companies.
A
draft bill setting up the state body, to be called the Greek Regulatory
Corporation for Hydrocarbons, was put up for public discussion yesterday
in a procedure expected to last until the middle of January before
heading to lawmakers.
Greece is the only country in the European
Union which does not have a national hydrocarbons regulator.
“Greece
is a sad example that should be avoided, not only in the EU, but also
on a global level,” the report says, adding that the failure to award
exploration rights and monitor current production off Kavala, northern
Greece, over the last 12 years has robbed the economy of valuable
investments.
The only oil and natural gas exploration company
operating in Greece, Energean Oil and Gas, is about halfway through its
five-year $200 million investment plan and intends to boost production
in 2011 to 5,000 barrels per day from 2,000-3,000 barrels currently.