Greece Seeks to Reduce Reliance on Russian Gas

Prime Minister Kyriakos Mitsotakis announced Tuesday that Greece is intensifying its search for domestic natural gas reserves.

The Country is facing a 40% reliance on Russian gas, and this move comes as the European Union and its member states, including Greece, seek to diversify their energy sources following Russia's invasion of Ukraine.

According to Reuters, "Accelerating the exploitation of the country's national energy resources will allow us...to boost our energy independence, our energy security," Mitsotakis stated. He recently met with oil and gas industry leaders and representatives from the Greek Hydrocarbons Commission to discuss the strategy.

The EU relies on Russia for over 40% of its gas supply, and Greece is among the most dependent member states. While Greece already participates in the Trans Adriatic Pipeline (TAP), which carries gas from Azerbaijan to Italy, it is now prioritizing exploring its resources. A lack of political commitment hampered previous attempts at domestic exploration, but the current energy crisis has provided a renewed sense of urgency.

Beyond domestic exploration, Greece aims to become a key energy hub in the Mediterranean, facilitating gas imports from the region and through LNG shipments. "Greece has a significant potential to play as a renewable powerhouse, as an entry point for gas from the Eastern Mediterranean, either through pipelines, the EastMed project, or in the short term through LNG," Mitsotakis said last week during a meeting with EU Energy Commissioner Kadri Simson. He added that Greece is discussing with all relevant parties and intends to strengthen its energy interconnections.

Greece also announced last week its intention to double its coal production over the next two years as a short-term measure to further reduce its dependence on Russian gas.