EurOil: Greece looks to revive offshore gas exploration

Greece is looking to revive offshore natural gas exploration in order to safeguard its energy security amid soaring prices across Europe, government sources told Reuters on April 5.

Greece has produced small quantities of oil in the past, including at the now-mature South Kavala and Prions concessions. It has made on-and-off attempts to explore its natural gas potential over the years, but low prices and a shift in strategy towards renewables have stalled plans.

Across Europe, however, soaring energy prices and Russia’s invasion of Ukraine have led countries to prioritise energy security, especially as extra domestic supply will help the continent phase out Russian imports.

Greece relies on Russia for around 40% of its gas, but is looking to replace this supply with extra LNG imports and indigenous production, according to Reuters.

“In the coming days, Greece will make announcements to accelerate exploration in the Ionian Sea and west of Crete,” a government official told the news agency. “This new geopolitical and energy environment … requires every country to make even more decisive steps towards its energy security and sufficiency by searching for new energy sources,”

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