Greece Speeds Gas Search as Europe Bids to Cut Russia Dependence
Greece Speeds Gas Search as Europe Bids to Cut Russia Dependence
(Bloomberg) -- Greece will speed up natural gas surveys as it joins other European countries in seeking to reduce its dependence on Russian energy imports.
While any gas discoveries would take years to develop, Prime Minister Kyriakos Mitsotakis is keen to show he’s taking steps to bolster security of supply. Greece currently gets about a third of its gas from Russia and it’s looking to cut that reliance as prices surge following Moscow’s invasion of Ukraine.
The Ionian Sea and an area southwest of Crete could hold gas deposits of 70 trillion to 90 trillion cubic feet, a report from the Institute of Energy for Southeast Europe shows. Survey results from five offshore and one onshore area should be ready by the end of 2023, Mitsotakis said Tuesday after meeting with Energy Minister Konstantinos Skrekas.
Greece plans to make it faster for companies to conduct surveys in those areas, where local firm Hellenic Petroleum Holdings, France’s TotalEnergies SE and Texas-based Exxon Mobil Corp. already have licenses to operate. Energean Plc and Hellenic Petroleum have agreed to conduct surveys, the premier said.
The Energy Ministry will inform concessionaires that the government plans to accelerate the surveys, while it will also shorten the time to conduct those surveys.
Greece is also studying other ways to diversify its energy sources. The government is in talks with Egypt to build a subsea electricity cable, and is keen to develop offshore wind. Like other European nations, it will also temporarily boost power output from coal to cut its reliance on gas.
“This new road will by no means divert us from the long-term goals of reducing carbon dioxide emissions,” Mitsotakis said.
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