Investor's Guide to Greece & Eastern Mediterranean 2Q-2016 - ITE OIL & GAS

Greece is primed for a powerhouse position in the European energy trade. Exploration licenses have been issued to Greek companies, including Hellenic Petroleum, which is teaming up with international partners to explore onshore and offshore blocks in Western Greece.

More offshore licenses are up for grabs, with the Greek government and the private sector inspired by major finds elsewhere in the Eastern Mediterranean. The upstream push has already yielded results for Energean Oil & Gas, which has doubled domestic oil production at the Prinos field in the Aegean Sea. The Greek operator is targeting 10,000 barrels per day in crude production within the next two years. Greece remains an aggregate hydrocarbons importer and is a prominent player in European refining. Exports of petroleum products are set to rise in 2016 as domestic demand weakens in light of power sector reforms and a struggling Greek economy. Bailouts and conditional loans are prompting privatisation of state entities and the energy sector is not immune.

International oil and gas companies are seeking out opportunities, stimulated by upside potential in terms of economic growth and Greece’s rise to prominence in the European natural gas trade. Greece is set to become the nexus of trans-regional gas pipelines, with multiple projects on the table. Ground breaking of the Trans Adriatic Pipeline (TAP) was scheduled to commence in May with deliveries as soon as 2020. There is also significant interest in Liquefied Natural Gas (LNG), and international firms are fronting the capex to get infrastructure expansion underway. The future of Greek Energy is bright to say the least.

INVESTOR HIGHLIGHTS:

UPSTREAM: THE TIDE TURNS ON DWINDLING PRODUCTION....... 3

Energean Doubles Crude Output at Prinos Field .................... 5

Herculean Push for Upstream Growth................................ 6

DOWNSTREAM: DOMESTIC ENERGY

DEMAND DESTINED TO RECOVER ..................................... 7

Stalwart Greek Refiners Profit on Rising Trade......................10

Investment Floods into Hellenic Liquefied Natural Gas Sector ....11

LOGISTICS: THE GREEK STEPPING STONE

IN REGIONAL ENERGY TRADE ......................................... 12

Pipeline Progress in Europe’s Next Gas Trading Hub ...............14

ECONOMY, TRADE & INVESTMENT:

ECONOMIC RECOVERY LOOMS ON THE GREEK HORIZON .......... 16

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