Greek Petroleum - the story so far

Let’s be honest; this is not going to be the most objective post you’ll ever read, as:

1. I am Greek myself
2. I have spent hundreds of hours pitching and promoting the greek hydrocarbon scene
3. I’m very close to the people mentioned below

Nevertheless, this is as cold-facted as possible.

The modern Greek hydrocarbon exploration initiatives, go back to early 2012. The purpose was to revive the efforts amidst high oil prices and ample investment flowing from many international leading organisations.

Cyprus had already secured Noble and Delek as their partners, so what would stop the Greeks from launching their own round?

 First time I met with the Greek Ministry of Energy (the name has been non-consistent ever since) was in 2012. I could barely tell the difference among various licensing and fiscal policies, and I would struggle to comprehend how dots were connected.

Thankfully, there was the greek delegation to help me through the hurdles. Unless you’re coming from another planet, you are probably aware of the very difficult financial and political instability Greece has endured for the past years. This instability brought frequent shuffling within the Ministry, and you would struggle to keep track of the changes.

 One thing remained intact; the core team of the Ministry working hard, day and night, under serious difficulties and limited resources to build an attractive business case for hydrocarbon investment. This is more or less the very same team that has formed the Greek Hydrocarbon Agency and is pushing the project ahead. Spyros Bellas, Alexandra, Antonis, George and last but not least, Sophia, were catalysts to the success of the greek efforts. The current Executive Director of the Agency, Mr Yannis Bassias, is also an invaluable addition with vast experience in international projects.

Which companies are in or expressed interest?

Hellenic Petroleum and Energean were the first to support these efforts and express interest in acquiring exploration permits. They knew it would take time and paperwork, however they stood by the Ministry’s objectives. If you don’t know their profile nor operations, I strongly recommend you to do so, but you will have the opportunity to meet with them at the upcoming Balkans Petroleum. 

What about international interest?

Exxon, Total, ENI, Repsol, are amongst the majors that have expressed strong interest in Greece. And trust me, this is HUGE! When back in 2012 Norwegian PGS acquired the seismic data offshore Greece, the interest was not as high as expected. However, amidst the crisis and the political turmoil, the Ministry and the newly established Hydrocarbon Agency (HHRM) have managed to attract some strong names to Greece.

Having worked side-by-side with the Greek exploration project, we would not be surprised to see even more major IOCs applying shortly. Sonia and I are working hard to make sure every single IOC is aware of the great opportunities Balkans and of course, Greece, have to offer.

If you have any questions or thoughts, I’d be happy to answer and also introduce you to the amazing Greek players. During our Balkans Petroleum event, they will all be there to demonstrate the opportunities and potential of Greece, and we’ll make sure you have left Athens with plenty of business opportunities and ideas. 

Why Greece?

• Highly skilled and English speaking workforce
• Excellent geopolitical location
• Prominent Balkan and East Med country
• Excellent geological structures
• TAP
• Major companies to work or collaborate with, such as: Hellenic Petroleum, Energean, DEPA, DESFA, Corinth Pipeworks and many more. 

They will all be there 6-7 September during Balkans Petroleum to meet and explain more around their businesses and operations.

You can read the rest of our stories here.