The prospects of Greece’s hydrocarbon sector, given the latest conditions shaped by Russia’s war on Ukraine, which has highlighted the need for natural gas source diversification, will be reassessed at a meeting scheduled to take place at the Prime Minister’s office tomorrow, with participation from the leadership of the energy ministry and EDEY, the Greek Hydrocarbon Management Company.

The meeting’s participants are expected to examine if and how the country’s hydrocarbon prospects and can be more effectively incorporated into Greece’s energy policies.

On a wider scale, Russia’s attack on Ukraine has prompted the EU to look for ways to revise its energy policy in order to reduce its reliance on Russian gas as soon as possible. A number of EU member states are now beginning to refocus on domestic hydrocarbon potential.

Renewable energy remains the top priority in Greece’s energy policy as the country aims to transition to a climate-neutral economy.

However, natural gas is planned to serve as a bridge to facilitate the transition towards greater RES market penetration.

ELPE (Hellenic Petroleum) conducted seismic surveys in January at the Gulf of Kyparissia, west of the Peloponnese, at its Block 10 license, commissioning Norwegian company Sharewater and survey vessel SW Cook.

The same vessel then conducted conduct surveys at ELPE’s ‘Ionio’ license, an Ionian Sea block measuring 6,671.13 square kilometers, southwest of Corfu, opposite the Paxi islands.

EDEY, in an announcement, noted that Greece’s potential gas deposits could generate turnover in excess of 250 billion euros, which would support the energy transition.