Oil production from Greece peaked in 1981. Most oil has
been recovered from just one field and its satellite, the Prinos field
in the North Aegean Sea, now abandoned. Only very small discoveries have
since been found in the region despite considerable exploration effort.
With its poor reservoirs there is little chance for significant new
output in the country.
Greece currently produces very little gas although it did produce larger
quantities of associated offshore gas in the past. There is some
potential for additional small onshore gas accumulations.
imports nearly all of its oil and consumption has grown since 1996 as
Greece’s economy has grown at above average rates. After the price-led
dip in 2007 and 2008 modest increases are expected through to 2016 when
higher prices will again quell demand.
Gas consumption is limited to small volumes, nearly all imported from
Russia by pipeline and from Algeria as LNG.