Oil and Gas in Greece?

Αναπαραγωγή του βίντεο
en

Summary

In his first television interview after the leak of a confidential report on Greece's oil and gas potential reserves that he wrote for the Prime Minister's office, former Exploration and Production Director Elias Conofagos speaks to Alexis Papahelas and debates his findings and convictions with experts in the field. Former Minister of Energy Giannis Maniatis, Executive Vice President of the Cyprus National Hydrocarbons Company Solon Kassinis, professor of international relations Giannis Mazis and former vice-president of the European Court of Human Rights judge Christos Rozakis also tackle the geopolitical ramifications of Greece exploring further for oil and gas. 

Comments

  • Dean Plassaras
    BTW, the reason I didn't mention above the other two RES sources: solar and wind was deliberate. They have some thorny issues which Fakeloi need to devote a separate segment on. From low current efficiency for solar panels (10-12% vs. new lab discoveries with 60% efficiencies but not available in the market yet), storage, intermittence issues and absence of a smart power transmission network. Not to mention the high subsidies that become a heavy burden to the state. Therefore let's discuss those as part of a separate discussion. The other area we can derive large benefits for our economy immediately is in the building energy retrofit business. Let's transform the majority of existing buildings in Greece (all commercial and a great portion of residential) into energy efficient structures rather than energy wasters (which they currently are). This will result in a direct benefit to our own economy (Greek labor and material for the retrofit) plus a substantial reduction in energy imports (I've heard of roughly 10-12 Billion euros paid by Greece each year for dirty imported petroleum which - under the circumstances - we could least afford).
  • Dean Plassaras
    Of course there is. But Greece is 10-15 years out from deriving reliable revenue streams from it as well as natural gas deposits. Keep in mind that revenue sharing agreements (or PSA - Production Sharing Agreements as are best known) entail a mechanism that first profits go do the driller first to repay the cost of equipment and related extraction costs. This "repayment" might last 5 years or so. It is then that the production is shared 60-70%(in the case of natural gas) to the state and the remainder to driller. Even if you follow the Cyprus example, Greece could not expect any tangible benefits as relief to the current economic malaise for at least one decade, if not more. What we ought to do instead is a very professional job in negotiating the best terms of such contracts in an intelligent manner beneficial to the state. The "measure many times but cut once" axiom applies here. At the present moment neither YPEKA nor the official Hydrocarbons agency(Foreas) for Greece are ready for such task. Too much talk and very little action prevails at the moment. Instead of focusing on others, Greece ought to undertake transforming its own energy market into a natural gas (CH4) economy, starting with the Greek isles and starting now. The idea is that either through the discoveries of Cyprus or our own, we will have plenty of natural gas to cover all of our energy needs. Therefore the Greek objectives ought to be: 1. Disengagement from the Middle East as a supplier of expensive oil and risky geopolitics. 2. Starting to develop our own energy transformation to CH4 as well as renewable resources such as geothermal and bio-mass. And this we could do immediately in anticipation of future secured sources.

Add your comments



In his first television interview after the leak of a confidential report on Greece's oil and gas potential reserves that he wrote for the Prime Minister's office, former Exploration and Production Director Elias Conofagos speaks to Alexis Papahelas and debates his findings and convictions with experts in the field. Former Minister of Energy Giannis Maniatis, Executive Vice President of the Cyprus National Hydrocarbons Company Solon Kassinis, professor of international relations Giannis Mazis and former vice-president of the European Court of Human Rights judge Christos Rozakis also tackle the geopolitical ramifications of Greece exploring further for oil and gas.