Handelsblatt – Greece discovers its mineral wealth_

“The war in Ukraine is forcing the Greek government to change its tactics,” Handelsblatt wrote in a response from Athens entitled “Greece is discovering its mineral wealth.” The financial newspaper observes: “In 2021, Greece covered 50% of its needs for natural gas and 36% of its needs for oil from Russia. But now the government is seeking energy diversification and accelerating the exploitation of Greek oil and gas fields.

In 2014, during the economic crisis, Athens began granting mining licenses to international companies for Ionian sea areas, but also southwest of Crete. But now the Greek government is slowing down. According to experts, the drilling may start in 2025 or 2026. However, it is not ruled out that at least 5 or 6 years will pass before the extraction. However, according to government circles, if there are delays in the mining process, Athens may withdraw the permits and give them to other interested parties.

The acceleration of the process of locating hydrocarbon reserves, as well as the expansion of the gas infrastructure does not mean, however, that the Greek government will turn its back on the goals it has set for climate protection, government circles underline. “By 2025, Greece seeks to end the production of electricity from lignite and by 2030 to cover 65% of electricity needs from renewable energy sources.”