Fast Market Research recommends "Greece Oil & Gas Report Q3 2012" from Business Monitor International, now available

Boston, MA -- (SBWire) -- 08/17/2012 --BMI View: At the time of writing, Greece was struggling to form a government and close to abandoning the Euro. Energy policy is low on the agenda in terms of political priorities, and near-term growth prospects are understandably poor. While overall IOC investment in Greece is likely to remain limited until political and fiscal stability has been achieved, there is clearly an interest in acquiring a controlling stake in gas distributor DEPA, which hints at the potential of the country's long-term gas market.

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

- Russian gas giant Gazprom is among 14 firms that have expressed initial interest in buying Greece's state gas firm DEPA, according to the Greek government in April 2012. According to a statement by Greece's privatisation agency, other potential suitors that may submit indicative 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. Gazprom already provides most of the gas DEPA uses. Edison is cooperating with the Greek industry on plans to lay an underwater gas pipeline in the Adriatic Sea.
- Antonis Samaras, the head of Greece's Conservative New Democracy party, has put forward a proposal to establish an economic exploration zone (EEZ) to exploit offshore oil and gas reserves. He stated that the move could allow the country to improve its debt position. However, the proposed EEZ is expected to lead to disputes between Greece and Turkey over land, air, sea and sea-floor borders in the Aegean, after the latter opposed similar plans touted by Cyprus.
- Natural gas consumption, which was estimated to have been 3.5bn cubic metres (bcm) in 2011, is expected to continue increasing over the medium to long term. BMI is forecasting 3.7bcm by 2016 and 4.3bcm 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 sources of imported gas.
- In 2011, the country imported up to 2bcm of liquefied natural gas (LNG), according to BMI estimates. 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.
- 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 358,000 barrels per day (b/d) in 2016 and 399,000 b/d by 2021.

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