The hydrocarbons industry will continue to play an important role in the energy mix until 2050, despite a shift in policies turning to renewable energy, and could also serve as a lever of support propelling the RES sector to its next stage, according to Aristofanis Stefatos, the newly appointed chief executive of EDEY, the Greek Hydrocarbon Management Company.
Stefatos and Rikard Skoufias, concurrently named new president of EDEY, offered their views on the upstream sector during questioning by Greek Parliament’s permanent committee on institutions and transparency.
The two men, both proposed by energy minister Costis Hatzidakis for the top EDEY jobs, officially assumed their roles following approval by the committee.
During questioning, committee members asked about the future of the hydrocarbons sector and licenses in Greece given the major decline in crude oil prices, as well as climate change policies being adopted.
Stefatos described the dip in crude oil prices as a temporary condition, noting the sector has experienced such situations in the past before rebounding. “It is only a matter of time before the same thing happens again,” he noted.
The two officials were also asked to comment on environmental protection issues, while Stefatos, the new chief executive, was asked to clarify on his position as shareholder of a Norwegian upstream company.
An offshore corridor running down from Albania into Greece’s EEZ has potential, while signs of a deposit in the area are encouraging, Stefatos told the committee. However, further 3D seismic surveys must soon be conducted in the area, he stressed.