Historic duty to exploit hydrocarbons, Hellenic Petroleum CEO says

Recording and exploiting hydrocarbon reserves in Greece is an historic duty to the country. We have already delayed a lot and procedures must be accelerated,” Grigoris Stergioulis, CEO in Hellenic Petroleum said at the Delphi Economic Forum, adding that Hellenic Petroleum have the will, the sources, the know-how and the international prestige to move -autonomously or with international partnerships- to locate fields that will contribute in the development and energy fortification of the country.

Stergioulis noted that this development, combined with significant findings of hydrocarbon fields in Eastern Mediterranean, will transform the country’s energy outlook while combined with the construction of new natural gas pipelines and the operation of new LNG terminals, Greece will become an energy hub of strategic importance.

He added that Hellenic Petroleum also played a decisive role in energy security, keeping 90 days reserves in liquid fuel -covering more than 60 pct of the country’s energy needs- while the group’s financial robust secured high credit limits with all partners and doubled supply sources.

“Agreements reached with Iran, Iraq, Saudi Arabia, Egypt and Russia, make a smooth supply of raw materials easier than ever, while a stabilization of the Greek economy allowed borrowing at competitive interest rates and access to capital markets,” Stergioulis said, adding that the country needed -more than ever- a long-term national energy map and the launch of an energy exchange to safeguard a rational distribution of investment funds and maximizing energy products to the benefit of end-consumer.

Stergioulis said that Europe remained vulnerable to possible energy crises since it imported 53 pct of its energy, while it depended heavily on crude oil (around 90 pct), natural gas (66 pct), fossil fuel (42 pct) and nuclear fuel (40 pct). Imports of oil and oil products totaled more than 300 billion euros annually, while energy demand was expected to rise by 27 pct by 2030 in Europe.