ECONOMY

IMF points to unexplored hydrocarbon potential

Greece has unexplored possible sources of hydrocarbons that could reduce the country’s high dependence on oil and natural gas imports, the International Monetary Fund argues.

In its latest survey of the Greek economy, published on Monday, the IMF, one of the country’s main creditors, says the fact that these two forms of fuel are imported from non-European Union sources – covering two-thirds of consumption – makes the country susceptible to supply problems, but the search for reserves is still at a very early stage, meaning that Greece has no options at present to change its energy policy priorities.

The potential for a change to the energy mix in Greece is much smaller than in other European countries as more than half of its energy needs are covered by oil imports. This resource is followed by solid fuel – mainly coal – while natural gas is the third most important source of energy for covering domestic demand.