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?
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?
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.
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?
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.)
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.
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.
by aka-dj 9 years ago
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