Why is Greece still sitting on immense stockpiles of oil and natural gas in the

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  1. one2get2no profile image84
    one2get2noposted 3 years ago

    Why is Greece still sitting on immense stockpiles of oil and natural gas in the Aegean sea?

    What is preventing her drilling and using these natural resources to help her get out of the economic mess she is in. Is Turkey the problem? Does America want to keep Turkey sweet? Perhaps Europe doesn't want a potential conflict on her doorstep?

  2. Asp52 profile image87
    Asp52posted 3 years ago

    Perhaps the cost of extraction would not be covered by the low cost of oil per barrel at present. Does Greece have the infrastructure in place to exploit the natural resources?

    1. one2get2no profile image84
      one2get2noposted 3 years agoin reply to this

      No but it could partner with any number of countries or oil companies who could help them build the infrastructure. The price of oil is low now but these natural resources have been around for centuries.

    2. Asp52 profile image87
      Asp52posted 3 years agoin reply to this

      I guess a lack of political will and local co-operation would be a reason. Wouldn't tidal power or solar be a more long-term  option for the region?

  3. Say Yes To Life profile image80
    Say Yes To Lifeposted 3 years ago

    I don't understand this situation, but it reminds me of the town of Petrolia, CA.  It has oil reserves, and originally was slated to turn California into the next Oklahoma, but the quality was poor and there was very little oil, so the drilling stopped.  However, the name stuck. 
    (Off topic:  personally, I'm glad, since Petrolia is part of the Lost Coast, one of the most beautiful and isolated parts of California.)

  4. mio cid profile image56
    mio cidposted 3 years ago

    Usually in cases like this the country that has the natural resources lacks the capacity to exploit it and the private enterprise that would be able to wants  to put in place unacceptable conditions so the wealth remains untapped.

  5. Gawth profile image75
    Gawthposted 3 years ago

    If I were a major exploration CEO, I would be hesitant to invest several billion in Greece which has a recent history of political and financial instability.

 
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