In a series of lectures which he gave to diverse audiences in Greece over the last three weeks IENE's Chairman, Costis Stambolis, sought to portray the positive role that Oil & Gas can play in Energy Transition. In a series of lectures which he gave to diverse audiences in Greece over the last three weeks IENE's Chairman, Costis Stambolis, sought to portray the positive role that Oil & Gas can play in Energy Transition. This holds true especially in the case of natural gas which because of its much reduced CO2 emissions will step in as "the fuel of choise " to take over the burden from coal use for power generation.
At the same time oil and gas companies, because of their huge technological and financial resources, and extensive managerial expertise can contribute positively and substantially to the gigantic effort that will be required over the next few years in achieving the desired turn around of the global energy mix.
Their contribution in the Energy Transition path can indeed be enormous and cover the rise of green fuels, which through a mix of advanced biofuels and lower sulphur contents can help reduce emissions,the introduction of large scale hydrogen use in transportation, the expansion of the electric vehicle fleet through the establishment of nation wide network of charging stations and of course the enrichment of their power generation portfolio by investing in RES projects.
In the Trikala Club lecture, on December 10, where Costis was joined by veteran politician and ex minister John Maniatis, he stressed the need for the immediate resumption of research and exploration activities in selected sea areas of Greece's archipelago. Such action will convey a strong message to certain neighbouring countries which eye some of Greece's hydrocarbon resources. Furthermore in this lecture he briefly explained how the global oil market works, which are the dominant forces at pay and the role of sea transportation for both oil and gas.
Speaking to packed audience at a year end gathering organised by the Centre of International Strategic Analyses (KEDISA) in Athens on December 16, the Chairman of IENE focused on "The role of natural gas in Energy Transition with special reference to the geopolitical developments in the East Mediterranean" In his presentation Costis Stambolis explained how in compliance to EU directives natural gas will gradually substitute indigenous lignite for power , but at a much higher cost since at present all required quantities must be imported. In this context, argued Stambolis, Greece has every reason to want to develop its own hydrocarbon resources, including natural gas substantial deposits of which have been located, but not yet proven, in offshore areas in Western Greece and south of Crete.
In a final lecture just before Christmas on December 20 which was delivered at the post graduate school of the University of Piraeus, IENE' chairman spoke on the defining role of hydrocarbons in global economy and the fundamentals of today's oil market. The subject of Costis's lecture was chosen by the organisers, Assistant Professor Spyros Roukanas and the Department of International and European Studies ( School of Economics,Business and International Studies) as part of the curriculum of the graduate course on "Energy:Strategy, Law and Economics". The essence of Costis's lecture ,which drew material from his recently published book on "Oil,the Fateful Dependency" , was to draw attention to the pivotal role that oil still plays in present day energy economics. A prime example being the close correlation that exists between oil and gas prices, with the latter strongly influencing electricity costs.
The full presentation from the above lectures can be found in the Reports section at IENE's web site, at www.iene.eu
