Boston, MA -- (ReleaseWire) -- 07/02/2014 -- Greece needs to accelerate the completion of the regulatory and governance structures international investors seek in order to move ahead with its ambitions to attract major exploration interest in its offshore waters. Even those within the small Greek oil and gas exploration community are calling for politicians to temper rhetoric of untold riches and concentrate on logic and data and the creation of an international ly recognised governance model. While the long delayed awarding of offshore parcels in the Ionian Sea in May 2014 and the nebulous arrangements of the Katakolo licence are signs of modest progress, until Greece fully codifies and properly staffs its hydrocarbons supervisory and management agency (EDEY AE), testify to the inability of the Greek authorities to move through the process (even of this small licensing the international E&P community will put is money elsewhere. Its proactive step to conduct extensive 2-D seismic and provide it to potential explorers is a forward step, but the other components of regulatory and fiscal certainty are just as essential if Greece is to see more activity.
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The absence of a declared and demarcated Exclusive Economic Zone (EEZ) is a further obstacle that will cause delays. This, in conjunction with an anaemic institutional infrastructure as well as the absence of solid and stable fiscal and tax regimes to govern the upstream sector, represents the main hindrances to Greece's E&P aspirations. We note upside risks to our forecasts for Greek hydrocarbons production towards the end of our forecast period that do give an indication authorities realise the need to accelerate the path to regulatory modernisation; however, for the time being, we cannot factor in a change to our forecast scenario as the exploratory efforts are still in their infancy.
The key trends and developments in the Greek oil and gas sector are:
- Greece announced the near completion of its selection process for two offshore...
The Greece Oil & Gas Report has been researched at source and features Business Monitor International (BMI)'s independent forecasts for Greece including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.
BMI's Greece Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Greek oil and gas industry.
- Benchmark BMI's independent oil and gas industry forecasts for Greece to test consensus views - a key input for successful budgeting and strategic business planning in the Greek oil and gas market.
- Target business opportunities and risks in the Greek oil and gas sector through reviews of latest industry trends, regulatory changes and major deals, projects and investments in Greece.
- Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity) and Competitive Landscape Tables.
BMI Industry View
Summary of BMI's key forecasts and industry analysis, covering oil and gas reserves, supply, demand and refining, plus analysis of landmark company developments and key changes in the regulatory environment.
Regional perspective on size and value of industry sector; comparative rankings by production, refining, imports and exports of oil, gas and LNG.
Business Environment Ratings
BMI's Oil and Gas Business Environment Ratings provide a country-comparative Risk-Reward Ratings index aimed at investors (independents, NOCs, IOCs and oil services companies) in the upstream and downstream markets.
The ratings methodology makes sophisticated use of more than 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Ratings products.
Oil Market Outlook and Oil Products Outlook
Based on our country coverage of over 99% of global oil and gas production and consumption, BMI provides demand, supply and price forecasts to end-2018 for oil, gas and oil products
BMI Industry Forecasts
Historic data series and forecasts to end-2018 for all key industry indicators (see list below), supported by explicit assumptions, plus analysis of key downside risks to the main forecast, including:
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