Amid growing energy supply geopolitics, Greece is a stable anchor within a rapidly destabilizing region, Yannis Maniatis, its Environment, Energy, and Climate Change Minister, said on Nov. 3.
As part of both the European Union and the North Atlantic Treaty Organization, Greece is trying to promote peace, security, and general cooperation among eastern Mediterranean nations, Maniatis said during a Statesman's Forum at the Center for Strategic and International Studies.
"In this context, bilateral relationships with Israel have been strategically intensified," Maniatis said. "What's more, we are developing trilateral routes from the gas fields in Cyprus and Israel's exclusive economic zones." A trilateral relationship with Egypt and Cyrus also is starting to be built, he added.
Maniatis said Greece and Europe face four main energy challenges overall: diversifying sources and routes, developing an integrated internal market, saving energy and make the transition to a lower carbon society, and increasing domestic production.
"Greece's role in Europe's diversification strategy is crucial," he maintained. "It is the EU's gateway to the Southern Corridor, the Caucasus, and the Middle East, and a large part of those supplies runs through the country."
Europe's energy security will be decidedly enhanced when that pipeline starts operating in 2019, and improved further with other long-distance projects, Maniatis said. "Let's remember that diversification is about new and safe supply routes, not just new sources," he suggested.
LNG also can be crucial, and Greece's import terminal near Athens is an important entry point for supplies to the Balkan region, Maniatis said. European market integration also is essential, and the country's involvement in 12 common interest projects reveals its importance as a southeastern European transit and pricing hub, he noted.
Oil and gas E&P
Finally, Greece is contributing to a push to develop new hydrocarbon sources in Europe. "Remarkably, our country remains one of Europe's most promising, and underexplored, sources when it comes to potential oil and gas fields," Maniatis said. "After 15 years of putting this issue aside, a drive to develop Greece's hydrocarbons has started. Since 2010, we have implemented a new strategy and new policies to unlock our oil and gas potential."
The country also has a transparent and legal framework that incorporates best international practices for concession rights, and a corporate tax that has dropped to 20% from 40%, he said.
"Most important, we have the vote of confidence by the industry itself," Maniatis said. "In 2012, we launched an open-door tender for three onshore and offshore blocks in western Greece. It resulted in the signing of three contracts ratified by the Greek Parliament and the beginning already of an exploration program."
