Greece Gradually Entering Global Energy Networks- Topic: Oil and Gas News

Overall, 7 percent of the country's energy needs could be sustained over the next decade by solar energy, although over the next few decades this percentage might exceed 30 percent due to its ample year-round sunshine, which in the south exceeds 3,000 hours a year. If one adds biofuel, geothermic, and wave energy, Greece has the ability to become a fully independent energy producer by the middle of the 21st century, freeing itself from the strain of energy imports and helping itself to withstand the perils of desertification and environmental degradation. The oil factor is a very important one, since it represents some 60 percent of Greece's yearly energy consumption and is imported, bar some minimum amounts being produced in the Kavala offshore oil field in northern Greece. The pipeline seems to have sparked wider commercial energy interest in the Greek market, and consequently transformed the role of Greece from that of a sole importer to a regional energy point. As far as Greece is concerned, a gas pipeline that will meet Italian and European needs is another beneficial development since it secures a steady flow of gas to the country for decades to come and adds to its expanding energy posture. A recent development is the Emir of Qatar's intention to invest in the Greek energy market via the construction of a gas factory in northern Greece, with an aim to export this commodity to Western Europe or to Arab states with limited energy production and rising needs, such as Lebanon. read more

[Tags]energy, greece, gas, pipeline, percent, oil, oil and gas news[/Tags]

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