Boston, MA -- (SBWIRE) -- 11/19/2012 -- BMI View: Energy policy is low on the agenda in terms of the new Greek government's political priorities, although energy privatisation is a greater immediate concern. Bidders are being lined up for the state gas industry, and rumours persist that a deal for control of Hellenic Petroleum could be close to completion. Meanwhile, demand trends will be dependent on a sustained economic recovery.

The key trends and developments in the Greek oil & gas sector are:

- Greece hopes to attract binding bids for state-owned natural gas supplier DEPA by the end of September 2012 and wants to complete the sale by late autumn 2012, a government official told Reuters in August 2012. Russian gas giant Gazprom is among 14 firms believed to have expressed initial interest in buying the company. According to a statement by Greece's privatisation agency, other potential suitors that may submit bids for DEPA include Azerbaijan's SOCAR, Japan's Mitsui, Spain's Enagas and Gas Natural, Italy's Eni and Edison, Algeria's Sonatrach, Russia's Negusneft and the Israel Corporation Ltd.
- The governments of Greece and Italy have agreed to support the Trans-Adriatic Pipeline (TAP). The agreement was reached between Greek Deputy Energy Minister Makis Papageorgiou and his Italian counterpart Giulio Terzi on August 7 2012. The pipeline will transport natural gas from the Caspian Sea and the Middle East via Greece, Albania and Italy to the rest of Europe. The pipeline will cut Europe's dependence on Russia for gas.
- Natural gas consumption, which is expected to have been 4.6bn cubic metres (bcm) in 2012, is likely to continue rising rapidly over the medium to long term. BMI is forecasting 5.1bcm by 2016 and 5.8bcm by 2021. The dire state of the economy has slowed growth in gas consumption; however, infrastructure will still be developed for local use, with new power stations to be gasfired and the country securing imported gas from various sources.
- In 2011, the country imported around 1.3bcm of liquefied natural gas (LNG). There are plans to import gas from Qatar via a new receiving terminal. By 2021, we believe Greece could be importing up to 4bcm of LNG to help meet its growing demand.
- Although there is scope for medium- to long-term stability in domestic oil production, there is considerable uncertainty over the scale and the timing of any new field development. Beyond the expected energy market weakness in 2012-2013, the country's oil consumption is forecast to rise and is expected to reach almost 360,000 barrels per day (b/d) in 2016 and 401,000 b/d by 2021.

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