In Greece is fully prepared to wean itself off Russian natural gas by 2027in coordination with its European design REPowerEUas mentioned by Minister of Environment and Energy Stavros Papastavrou. Already the ministry, in collaboration with DEPA Tradeis proceeding with a comprehensive plan to replace Russian quantities with American LNGtaking advantage of the strategic agreement signed in the context of the meeting P-TEC.
“Europe’s independence from Russian natural gas goes through Greece”, emphasizes Mr. Papastavrou in an interview with “First Theme”pointing out that recent agreements with energy giants such as ExxonMobil and the Venture Global are a milestone for the country’s transformation into an energy hub and strategic partner of the US in the Southeast Mediterranean.
MARIANNE JANE: The P-TEC transatlantic cooperation summit ended with a strong geopolitical footprint and important agreements for the region. What is the biggest gain for Greece?
STAVROS PAPASTAVROS: The benefit for the country is multiple: geopolitical, energy and investment. Greece was at the center of global energy developments. Our first goal was to strengthen the country’s geostrategic position as a gateway for US LNG to Europe. This has been achieved as Greece is now recognized as a strategic partner of the United States and an energy hub in the Southeast Mediterranean. The second objective was to conclude commercial agreements that would bring substantial profits. In total, we are talking about contracts of more than 30 billion euros.
The first major success is the agreement between ExxonMobil, HelleniQ Upstream and Energean Hellas for exploration and offshore drilling in Block 2, in the northwest Ionian Sea. This is the first drilling within Greek territory in 40 years, with the prospect of investments from 5 to 10 billion euros in the coming years if there are discoveries. At the same time, DEPA Emporia’s agreement with the American Venture Global and the Aktor group, through Atlantic – See LNG Trade S.A., has a duration of 20 years and a value of up to 26 billion euros, strengthening the supply security of the countries of the Vertical Corridor and upgrading our geopolitical capital. US development bank DFC has also expressed interest in financing energy infrastructure. At the same time, through P-TEC, the Eastern Mediterranean Energy Center is established, institutionalized in the context of the 3+1 initiative (Greece, Cyprus, Israel, USA), which strengthens cooperation and stability in the region. Greece has entered a new trajectory, with a stable and leading role in the region’s energy transition.
M.TZ.: How do you assess the strategic relationship between Athens and Washington? Have we moved to a new level of cooperation?
S.P.: Undoubtedly yes. The presence of a high-ranking American delegation in our country, with the Minister of the Interior Doug Bergham, the Minister of Energy Chris Wright, the Deputy Minister of Foreign Affairs Michael Rigas and the Ambassador Kimberly Guilfoyle, proves Washington’s trust in Greece. Our cooperation has been upgraded at all levels: in the development of hydrocarbon research with the participation of Chevron and ExxonMobil, in the entry of American LNG into Southeast Europe through the Greek infrastructure and in the utilization of modern technologies, such as Artificial Intelligence, for energy management. Greece has developed into a privileged partner of the United States and a pillar of stability in the Southeast Mediterranean.
M.TZ.: When will the country be ready to turn off the Russian gas tap for good? Is it possible to be completely replaced by US LNG?
S.P.: The Council of Energy Ministers of the European Union decided to phase out imports of Russian natural gas until the end of 2027. Greek companies must replace these quantities within the specified deadline. DEPA Emporias, as a state-owned company with a critical role in security of supply, is working closely with the ministry to replace Russian gas volumes with economically and strategically viable options. The agreement with Venture Global and Atlantic – See LNG Trade S.A. is decisive, as it promotes the transition from Russian to American natural gas. Europe’s independence from Russian energy goes through Greece, which is turning into a central LNG hub for the wider region.
M.TZ.: Greece and Europe are moving away from Russian natural gas and turning to new sources, mainly American. Is there a risk of moving from one dependency to another?
S.P.: Greece is investing in its energy autonomy, utilizing its natural and renewable resources. We do not replace one dependency with another, but create a multidimensional energy mix that reduces dependency overall. We are strengthening infrastructure and interconnection networks, promoting wind and solar energy and investing in hydrocarbon exploitation. The new partnerships with the Chevron, ExxonMobil and Energean groups demonstrate our firm commitment to energy self-sufficiency. The European Union’s decision to withdraw from Russian natural gas is a strategic one. Member states cannot finance, through the energy market, Russia’s war against Ukraine. For Greece, which knows what it means to violate international law, this option is of particular value. The E.U. it has also provided for a ban on the import of Russian gas through third countries, with an explicit reference to the TurkStream pipeline, to prevent circumvention of the regulations. Our partnership with the United States to supply LNG enhances the diversification of energy sources and reduces geopolitical risks.
M.TZ.: After the signing of the agreement by ExxonMobil for the Ionian, do we expect accelerated movements in the southwest of Crete as well?
S.P.: The interest of the major American oil companies reflects the stability and reliability of Greece at an economic, political and investment level. It also confirms that the country has emerged as a key factor in the energy developments of the Eastern Mediterranean. These companies see prospects for commercially exploitable deposits, which creates positive expectations for research southwest of Crete. Our goal is to harness our natural wealth in a way that will enhance energy independence and reduce costs for citizens. Greece is building the energy backbone of the Balkans and Eastern Europe, connecting countries that until now had no common strategic orientation. Through this new networking, our country is becoming a force of unity and perspective, realizing a realistic regional vision for the 21st century.