Greece, kind of like... Texas

Do we live in Texas after all? Not exactly, but at least the government believes that Greece can produce a steady oil flow that might be able to cover at least 30% of the country's needs, which is now covered completely by imports (around 99.5%).

A public debate has been going on for a few hours now on the formation of a National Hydrocarbon Institution, which will busy itself solely with the rights of the Public sector on the country's resources of that kind, and will promote these rights to interested petroleum companies.

The vice minister of the Environment, Energy and Climate Change mentioned that Greece is the only EU country that does not have this kind of institution on the rights of its energy resources, that would improve the country's efficiency in energy self-sufficiency.

There have been reports of the country's untapped petroleum reserve, even though in the past this research was half-done. What is stated as a necessity is the discovery and production of oil, which means that it could cover one third of the country's next 30 years of energy consumption.

According to the latest research, the country might be able to produce up to 100.000 barrels of crude daily, at the same time when the only active petroleum producing installation in Prinos, which operates under Energean Oil, only gives out about 3.000 barrels a day, with a prospect of going up to 5.000 a day.

The law to be passed predetermines the formation of such an Institution, the research and development of self-sufficient energy resource potential and the preparation of competitions to draw petroleum companies that will take command of said R&D.

The public debate will be finalized on January 15, 2011 while the company tasked to proceed will do so in a space of 12 to 18 months, in order to take advantage of oil and natural gas sources.