Friday December 19, 2014 Search
Weather | Athens
17o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Premier eyes Greece's energy potential

Prime Minister Antonis Samaras declared on Wednesday that Greece could bring in 150 billion euros in much-needed state revenue over the next 30 years through the exploitation of its undersea energy deposits.

Samaras, who has consistently underlined Greece's untapped potential in the sector and has encouraged foreign leaders to consider Greece as a potential hub for supplying Western Europe, made the optimistic assessment during a visit to the Environment and Energy Ministry. He spoke of strong indications of sizeable energy reserves in the Ionian Sea and off the coast of Crete that could bring Greece sorely needed funding, albeit over a period of 25 to 30 years.

The premier outlined a five-point energy strategy for Greece comprising a transparent process for the research and exploitation of energy resources; respect for the environment and the securing of as many jobs as possible in the sector for Greek workers; the efficient exploitation of Greece's potential geopolitical role in providing energy to Western Europe; the boosting of social cohesion by channeling a portion of future profits into the welfare system; and the promotion a synergy between the energy sector and other economic sectors.

The premiers announcement came just a few days before deals for the exploitation of hydrocarbon reserves in Ioannina, northwestern Greece, and in the Gulf of Patra, are expected to be signed. A consortium led by Hellenic Petroleum is expected to undertake drilling off the Gulf of Patra where the volume of oil reserves is estimated at around 200 million barrels. Another consortium, led by Energean Oil, is slated to drill for between 50 and 80 million barrels of oil near Ioannina. Initial agreements were reached yesterday after the Finance Ministry offered the consortiums the requested guarantees regarding a stable tax framework for the next 35 years, Kathimerini understands.

Norway's Petroleum Geo-Services (PGS), which has carried out offshore seismic tests in the country's south and west to determine the extent of the country's energy reserves, has started presenting its findings at energy forums around the world and is expected to release a comprehensive overview by early April.

ekathimerini.com , Wednesday February 26, 2014 (21:27)  
Stores wrecked in protests to be let off municipal fees
SYRIZA rules out political consensus before polls
University transfers in doubt after process canceled at two departments
Coalition MPs push for compromise over president
Importers told to pay up in advance
In the last 10 days foreign suppliers have again started asking for the full cost of commodities exported to Greece to be paid in advance by their local representatives, in a picture reminis...
Jobless rate posts steady decline
Unemployment fell to 25.5 percent in the third quarter of the year, against 26.6 percent in the second quarter of 2014 and 27.2 percent in the third quarter of 2013, according to seasonally ...
Inside Business
SOCCER
PAOK loss at Giannina brings Olympiakos to within a point
The bad losses that PAOK and Panathinaikos suffered on the road on Thursday allowed Olympiakos to gain significant ground on the table and come to within one point from the top after the mid...
BASKETBALL
Reds lose in Turkey to motivated Galatasaray
Olympiakos went down at Galatasaray 79-74 on Thursday for its second defeat in the first round of the Euroleague that ended with the Reds topping their pool with eight wins in 10 games. With...
Inside Sports
COMMENTARY
New weapons of diplomacy
Hollywood screenwriters couldnt make it up: That Sony, one of the worlds biggest film producers, would be forced to pull a comedy about the assassination of North Koreas dictator after a ...
COMMENTARY
Europes drama in Greece needs final act to avoid tragedy
Judging from Wednesday's vote in the Greek parliament, Prime Minister Antonis Samaras may not get the mandate he wants to keep economic austerity measures in place and avoid defaulting on th...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. PAOK loss at Giannina brings Olympiakos to within a point
2. Reds lose in Turkey to motivated Galatasaray
3. Importers told to pay up in advance
4. Jobless rate posts steady decline
5. Piraeus and KKR strike loans portfolio deal
6. German approval and praise come at key time
more news
Today
This Week
1. Europe's drama in Greece needs final act to avoid tragedy
2. Election looms as Samaras fails to win vote for president
3. What SYRIZA says about Greeces economy, its debt and the euro
4. Kammenos maintains firm position, says general election is 'one-way street'
5. Snap elections would lead to euro exit, says former premier
6. Merkel says Russia sanctions to remain unless Putin yields; Greece's prospects 'better than two years ago'
Today
This Week
1. Juncker warns Greeks against voting 'extreme forces' into power
2. Romanos and the dilemma
3. Samaras summons bond vigilantes with euro exit talk
4. A friendly yet firm message from Pierre Moscovici
5. Gap between SYRIZA and New Democracy closing, says poll
6. Greece reruns doomsday scenario as politics collide with markets
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.