Helleniq planning RES investments, while eyeing hydrocarbons
Helleniq Energy is 12 to 18 months away from deciding whether to go ahead with drilling in the Ionian Sea and off the coast of the western Peloponnese, the CEO of the Greek petroleum firm told the Delphi Economic Forum on Thursday, adding that while the shift to greener forms of energy will happen, a “realistic plan” is needed in the meantime.
“We have concluded the seismic surveys and are studying their findings. In the areas in which we are involved, we are 12-18 months away from the next phase, for the decision to drill, and that is still a few months away from the decision on exploitation,” Andreas Shiamishis told the international gathering of economists, policymakers, market representatives, analysts and others in Delphi in central Greece.
In the meantime, Helleniq is planning investments worth up to 4 billion euros to boost renewables, Shiamishis added, stressing that the transition to greener forms of energy is not something that can happen overnight. The company, he said, is seeking to be “part of the solution in the next 20-30 years.”
“We are talking about a continuous situation, not something static. We have been under intense pressure because of climate change and other international factors, but a one-sided approach has been pursued to get away from fossil fuels in favor of RES. No one disagrees that it is the right way to go, but in the meantime, we have petrol and gas,” he said.
“The green transition is the only way forward and it will happen. What we need is a realistic plan,” Shiamishis said.
His comments come after the Energy Ministry readjusted emission-slashing targets, distancing itself from the ambitious goals set by the European Commission.
