Bloomberg News

Greek Minister Foresees 30% Energy Self-Sufficiency in 15 Years

March 29, 2012

Greece will be able to cover 30 percent of its energy needs from domestic hydrocarbon sources within 15 years, Deputy Energy Minister Yiannis Maniatis said.

That will enable the country to replace between 10 billion euros and 12 billion euros ($13 billion to $16 billion) of oil imports, Maniatis said at a conference in Athens today.

“Greece will not leave untouched a single centimeter of its sovereign territory” in exploring for oil and natural gas, he said.

Future oil and gas revenue will be used to support the social security system and perhaps education, especially in science, Maniatis said.

No changes to existing legislation for hydrocarbon exploration will be made after the forthcoming general election, as such initiatives have cross-party support, he said.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net


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