10.000
%
Neutral
49
mm boe
62
%
Greece stands to benefit significantly from a competitive bid round, which to date has been conspicuously absent. However, more recent comments from Greece's PM suggests that the government is finally cognisant of its energy shortfall, and that any domestic production will help balance of payments. Consequently, we upgrade our outlook to Neutral.
September 1, 2022
Europe - Mediterranean
mm bbl
bcf
Southern Europe, bordering the Aegean Sea, Ionian Sea, and the Mediterranean Sea, between Albania and Turkey.
Concession
Greece applies a concessionary regime for petroleum operations. Currently, there are two active licensing rounds for the exploration and exploitation of hydrocarbons offshore and onshore in Greece, the latter being regulated by the terms of a model lease agreement.
Following a sovereign debt crisis in 2010, Greece received three financial assistance packages from the EU/ IMF in return for the implementation of economic adjustment programmes. Apart from implementing economic reforms, Greece also undertook significant fiscal consolidation, managing to turn a budget deficit of 15.4% of GDP in 2009 into a surplus of 0.8% in 2017.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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