Greece Oil and Gas Market Overview
Greece’s oil and gas market plays a strategic role in the southeastern European energy landscape, balancing its status as a net energy importer with ambitions to become a regional energy hub. The country’s energy system is heavily reliant on imports, particularly crude oil and natural gas, yet recent years have seen efforts to diversify sources and expand infrastructure in line with EU decarbonization goals. The Greek government has promoted energy reforms, liberalization, and upstream exploration, while strengthening regional connectivity through interconnectors and LNG terminals. Natural gas is increasingly replacing coal in power generation, contributing to emissions reductions and supporting a more flexible electricity system. Moreover, Greece’s geographic position offers the potential to facilitate cross-border energy flows between Europe, the Eastern Mediterranean, and North Africa. Despite growing renewable energy deployment, fossil fuels still account for a significant share of the national energy mix, and the oil and gas sector remains central to the country’s energy security, economic development, and industrial competitiveness.
In the upstream segment, Greece has modest oil and gas reserves with limited production, primarily offshore in the western and southern Ionian and Crete basins. Exploration licenses have been granted to international consortia including ExxonMobil and Hellenic Petroleum, although progress remains slow due to environmental, regulatory, and market hurdles. The midstream segment is more advanced, anchored by a growing gas transmission network and key infrastructure such as the Revithoussa LNG terminal, the Trans Adriatic Pipeline (TAP), and the Interconnector Greece-Bulgaria (IGB). These assets enhance energy diversification and position Greece as a gateway for non-Russian gas into Europe. In the downstream sector, the country has two major refineries operated by Hellenic Petroleum and Motor Oil Hellas, which supply domestic and export markets with refined products. Natural gas distribution is expanding through DEPA Infrastructure, while ongoing investments in LNG bunkering and storage support Greece’s broader energy transition strategy. The oil and gas market is increasingly integrated into regional supply chains and EU climate frameworks, with the state balancing energy affordability, supply security, and decarbonization goals.
Greece Oil and Gas Market Latest Developments
In May 2025, Greece launched an international tender for hydrocarbon exploration in four offshore blocks (south of Crete and off the Peloponnese), following expressions of interest by Chevron and HelleniQ Energy.In March 2025, the U.S. oil major Chevron formally expressed interest in exploring hydrocarbons southwest of the Peloponnese, doubling the area under consideration to cover ~47,000 km².
In May 2025, DESFA completed a major upgrade at the Revithoussa LNG terminal adding a high-pressure boil‑off gas compressor to eliminate routine flaring and reduce CO₂ emissions, while also integrating a small-scale LNG bunkering jetty.
In October 2024, the Alexandroupolis FSRU began commercial operations, offering 5.5 bcm/year of floating LNG import capacity to Greece and its neighbors, with most slots reserved through 2030.
In 2024, DESFA began front‑loading its ten‑year gas grid expansion plan, committing ~€1.34 billion over three years to complete nearly all planned projects, including pipeline duplications and hydrogen-ready interconnectors.
Key Takeaways:
The offshore tender and Chevron’s expanded interest signal Greece’s renewed push to explore domestic gas reserves potentially reducing dependency on imported Russian or Azeri gas.
Approving exploration south of Crete and the Peloponnese reflects a strategic response to East Mediterranean neighbor discoveries and increasing geopolitical urgency to secure local resources.
The Revithoussa terminal upgrade underlines Greece’s commitment to decarbonizing LNG infrastructure by eliminating flaring and capturing boil‑off emissions.
Integrating an LNG bunkering capability supports the maritime transition, positioning Athens as a regional hub for cleaner shipping fuel.
The Alexandroupolis FSRU has become a cornerstone of Southeast Europe’s gas diversification, linking Greece to Central and Eastern European markets.
Heavy FSRU bookings through 2030 indicate strong market confidence and long-term demand across multiple regional countries.
Massive investment in gas-grid and interconnector infrastructure enhances Greece’s role as a transit nation and preps for hydrogen-ready energy corridors.
Revithoussa's CO₂ mitigation upgrades show how fossil infrastructure is being retrofitted to contribute to broader climate goals.
Offshore exploration may take years to yield production, but the move positions Greece strategically for future energy independence.
Overall, Greece is evolving into an eastern Mediterranean energy hub balancing traditional oil and gas exploration with modern LNG, green shipping fuels, grid expansion, and climate-aligned upgrades.
Greece Oil and Gas Market Report Scope
The "Greece Oil and Gas Strategic Analysis and Outlook to 2032" is an all-encompassing report that delivers a full-spectrum evaluation of the nation’s oil and gas value chain—from exploration and production fields, refinery and LNG plant operations, to midstream pipelines and storage infrastructure in Greece. Leveraging robust methodologies and proprietary databases, the study provides detailed asset-level data, historic and forecasted supply-demand trends (2015–2032), and a clear understanding of how recent developments, government policies, and market dynamics shape the sector. The Greece Oil and Gas report equips industry stakeholders with actionable insights for investment, benchmarking, and strategic planning by profiling operational assets, new projects, and the competitive landscape across upstream, midstream, and downstream segments.
Comprehensive market analytics are complemented by SWOT and investment opportunity analysis, highlighting growth drivers, operational risks, sector-specific challenges, and capital requirements. The study evaluates key companies’ strategies, performance, and market positions, providing an integrated view of where opportunities and bottlenecks exist. The scope extends to Greece field-wise production, refinery-wise capacity, LNG terminal operations (including liquefaction and regasification units), and product flows through pipelines and storage. The research not only answers core market questions but also uncovers the evolving dynamics that will influence the future trajectory of Greece country’s oil and gas industry.
- Greece Asset-by-asset data covers all existing and upcoming oil and gas fields, refineries, LNG terminals, pipelines, and storage facilities, providing a granular view of national infrastructure.
- Historic and projected supply-demand analysis for crude oil, natural gas, and key refined products (gasoline, diesel, LPG, fuel oil, etc.) from 2015 to 2032.
- Recent developments, regulatory changes, and major project announcements are analyzed for their impact on market fundamentals and investment climate.
- Segmented insights into upstream (exploration and production), midstream (pipelines, LNG, storage), and downstream (refining, distribution) operations.
- Comprehensive overview of LNG sector including liquefaction and regasification terminals, contracted versus available capacity, and future outlook.
- Greece Oil and Gas Industry SWOT analysis and sector-wise benchmarking to evaluate industry strengths, challenges, opportunities, and potential risks.
- Greece Investment analysis detailing sector growth potential, required capital for new projects, and feasibility of ongoing and planned developments.
- Competitive landscape profiling of leading companies, with business strategies, operational performance, and market shares.
- Infrastructure benchmarking by market concentration in pipelines, refining, LNG, and storage segments, including capacity and utilization rates.
- Answers to key market questions, including evolving Greece supply-demand dynamics, project status, leading market participants, and the future outlook for capacity, trade, and investment.
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FAQ's
The Greece Oil and Gas report provides comprehensive intelligence from upstream to downstream—covering exploration blocks, field-level production, refinery operations, LNG terminals, and supply-demand analytics. It empowers executives and investors with actionable insights to assess risks, evaluate opportunities, and optimize Greece market entry or expansion strategies.
Yes, the report presents detailed data and analysis for all relevant segments present in the country—whether upstream (exploration and production), midstream (LNG terminals, storage facilities, pipelines), or downstream (refineries). This sector-specific granularity ensures accurate benchmarking, planning, and forecasting tailored to the Greece oil and gas infrastructure.
With detailed coverage of exploration opportunities, trade contracts, regulatory frameworks, and infrastructure projects, the Greece oil and gas report serves as a critical tool for stakeholders formulating investment strategies, negotiating partnerships, or aligning with national energy policies.
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