Thursday, June 20, 2024
 
 

Energy investors want Greek political, economic equilibrium

Greece, Cyprus, Israel want to reach European gas market

- Advertisement -

ATHENS – A politically stable environment and tax regime that will help Greece meet its debt obligations will allow foreign investment to flow into the Mediterranean country and explore the nation’s untapped energy potential, Energean Oil & Gas CEO Mathios Rigas told New Europe.

“The sooner that the political situation is resolved and the sooner the international investment community knows that Greece is back into calm waters and it is able to meet its debt obligations and move on in the existing environment, the easier it’s going to be to attract international capital to come into the country. I think there is an abundance of capital around us today both in the US and in Europe and in the Far East, there’s a lot of interest,” Rigas said in an interview on the sidelines of the “Energy Market: Unlocking Greece’s Economic Potential” conference in Athens on March 22.

He noted that a day earlier, a Chinese company bought Banker’s Petroleum in Albania. “That shows there’s interest even from the East to bring money into the Balkans, into this part of the world,” he said.

Rigas hailed the political willingness of Greece, Cyprus and Israel to create a three-government cooperation, adding that he hopes it will convert into real business. “We, as Energean, we are operating in Greece, we are operating in Egypt and we also have interests in Israel so we are at the heart of all this discussion,” Rigas said.

He noted that deep-water exploration is not easy today with the oil price close to $40 a barrel. “But things will change. Israel still has a lot of untapped potential. We have only seen probably the tip of the iceberg with discoveries of Leviathan, Tamar, Karish, Tanin and with Zohr obviously in Egypt so I think there’s going to be more. The big question there is going to be how this gas will end up in the big markets and the big markets are Greece as a transit to Europe, Turkey and Egypt,” Rigas said.

He said Greece is not in any better position than it was a few months ago. “In fact I would say probably the opposite. We’re alone, we’re trying to invest, we’re continuing to invest money in Prinos [oil field] and increasing our production there, but we haven’t seen any interest yet from international oil companies to come and invest with us in the exploration of western Greece,” he said.

“That’s the big challenge for at least Greece and the E&P [Exploration and Production] sector to attract international E&P players to come into the country. That requires a number of things to change. First of all, political stability; long-term policy from any political party, it doesn’t really matter if it’s [the ruling] SYRIZA [party], Nea Dimokratia, PASOK. They all have to agree to a common strategy because this is a long-term business,” Rigas said.

“Greece today presents a unique opportunity because we are in the European Union, we are in a very safe environment compared to what’s happening around us in the world and we are an unexplored country with a lot of potential,” Rigas said. “The first companies that will join us in this effort to unlock Greece’s hydrocarbon potential will be benefiting for the first-mover advantage.”

follow on twitter @energyinsider

- Advertisement -

Subscribe to our newsletter

Co-founder / Director of Energy & Climate Policy and Security at NE Global Media

Latest

European election results show EU is at an inflection point

A few days after the European Parliament elections, Marilena...

The UK Economy – Another Twist in The Tale

Around the world most nations have been trying to...

G7 Summit focuses on Ukraine support and shattering Russia’s wartime economy

Despite this week’s top punditry (itself nearly indistinguishable from...

Genocide Rears its Ugly Head in Sudan’s Brutal War

The UN Security Council has called for a halt...

Don't miss

European election results show EU is at an inflection point

A few days after the European Parliament elections, Marilena...

The UK Economy – Another Twist in The Tale

Around the world most nations have been trying to...

G7 Summit focuses on Ukraine support and shattering Russia’s wartime economy

Despite this week’s top punditry (itself nearly indistinguishable from...

Genocide Rears its Ugly Head in Sudan’s Brutal War

The UN Security Council has called for a halt...

Trans-Caspian International Transport Route platform launched in Astana

In a major step forward for regional transport coordination,...

European election results show EU is at an inflection point

A few days after the European Parliament elections, Marilena Raouna, Cyprus’ Deputy Minister for European Affairs, sat down with NE Global on the sidelines...

G7 Summit focuses on Ukraine support and shattering Russia’s wartime economy

Despite this week’s top punditry (itself nearly indistinguishable from AI) on the latest G7 decisions as exhibited by the “instant experts” on global issues...

Berlin Ukraine Recovery Conference

Although partially overshadowed by urgent Ukrainian requests for emergency help with its immediate air defense needs, as well as political shockwaves emanating from the...

World Oceans Day calls for action to protect coastal communities and marine ecosystems

UN World Oceans Day, which is officially on June 8, was celebrated on June 7 at UN Headquarters in New York, focusing on protecting...

U.S.-Kazakhstan Enhanced Strategic Partnership Dialogue deepens political and economic ties

The sixth annual United States-Kazakhstan Enhanced Strategic Partnership Dialogue (ESPD) was held in Washington D.C. on May 31.The U.S.-Kazakhstan Enhanced Strategic Partnership Dialogue was...

Interview: EU and Turkmenistan are getting closer

NE Global sat down exclusively with Sapar Palvanov, Ambassador of Turkmenistan to the Kingdom of Belgium, also accredited as the head of the Mission...

Azerbaijan, Kazakhstan, Uzbekistan open path for integrating energy systems with the EU

On May 1, during the Tashkent International Investment Forum in Tashkent, Azerbaijan, Uzbekistan and Kazakhstan signed a memorandum of cooperation on merging the energy...

COP29 in Azerbaijan to focus on peace, climate finance, green issues

During this year’s United Nations climate conference COP29, host-country Azerbaijan will strive to act as a bridge-builder between all members of the international community,...