The planet will need investments in natural gas and oil in the coming period to fill the large gaps left behind by the commitment to green development, which led to disinvestment in fossil fuels and a contraction in production.

This message was conveyed by Fatih Birol, Director-General of the International Energy Agency, at the CERA Week global exhibition a few weeks ago in Houston, saying that these investments are necessary to address the major shortages observed in the market, which may even cause supply problems.

In this international environment of a return to fossil fuel investments, Greece is also seeking to utilize its national energy resources and claim its energy autonomy.

The interest of two international giants has already been registered, which aims to proceed with increased pace in the next phase of planning for the extractions, with EDEYEP‘s estimates indicating that the country may attract interest from other investors as well. The state-owned hydrocarbon and energy resources research company recently granted Exxon Mobil a new one-year extension for exploration west of Crete, while yesterday the Ministry of Energy and Mineral Resources signed the ministerial decision accepting Chevron‘s interest submitted for the South of Crete 1 and South of Crete 2 offshore blocks.

It should be noted that Chevron has invested over 5 million euros to purchase all the data (geological and geophysical data) that are in areas that have not been licensed and do not have commercial restrictions. This data becomes accessible to anyone who wants to buy and study it, which is what the American company did to make the decision to invest in our country.

In fact, Greece is taking advantage of the international trend brought by Trump‘s re-election to the White House, which wants the revival of investment interest in hydrocarbons. Greece has made it clear that its interest is focused on natural gas, but it could not turn a blind eye to oil either if interesting deposits emerge during the research, according to competent sources who are in a position to know the priorities and the next steps. “It is difficult to say that we have forgotten about oil. What we can say is that we are focusing on natural gas because these investments have a long-term perspective,” say competent sources. And they add that this is also related to quantities. “It would be difficult to tell investors who have spent huge sums on exploration that they cannot get their investments back. It is something we do not consider very likely without closing the door,” the same sources report, estimating that there could be further investment interest in the Greek market.

It is worth noting, however, that another large multinational oil and gas company, the Asian Petronas from Malaysia, had been interested in Greece in the past, which had even passed all the technical checks in the country to proceed, something that was ultimately overturned by the change in its strategy.

Today, market executives confirm the international investment interest in fossil fuels and cite Blackrock as an example, which recently declared that it is determined to invest in the sector.

With the acceptance of Chevron’s interest, the next step is for Greece to determine the exact coordinates of the area, the type of contract and the announcement of an international tender which, based on what the institutional framework provides, will remain open for 90 days so that it can attract other investment interest, if any.