Greece will start licensing for natural gas and oilStaff writer ▼ | September 19, 2014
Greece will start licensing for natural gas and oil exploration in areas along its western coast at the end of September, a Greek energy ministry said.
Good move In areas along western coast of Greece
Currently, Greece's production of crude oil is 1,250 barrels per day and that of natural gas is 5 million cubic meters, which is not sufficient to meet even one percent of its total demand, according to the U.S. Energy Information Administration.
Greece is hoping to unlock the potential of domestic hydrocarbon reserves via private sector investment as it is highly dependent on Russia for its oil and gas supply. Other countries exporting hydrocarbons to Greece include Qatar, Saudi Arabia and Algeria. The deal will open up an area measuring 101,000 square kilometers. ■