Thursday, 1 December 2022

WECA 2022 London- Νew investment opportunities in hydrocarbons, green transition


WECA 2022 London- Νew investment opportunities in hydrocarbons, green transition

Athens, 1 December 2022 | Investment consultants from Enterprise Greece participated in the international conference World Energy and Capital Assembly (WECA) 2022, to showcase the investment opportunities and recent developments in the Greek energy market.

WECA took place in London on 28-29 November 2022, and is considered a key international energy conference that focuses on oil and gas exploration, development and extraction. The conference is attended by C-Level executives of energy companies, banks and investment funds.

More than 500 high-level executives attended this year’s WECA, representing more than 300 companies from hydrocarbon-producing countries around the world. The main issues of the conference focused on the development of new deposits and the need for new investment funding for their exploitation; on climate change and the road to the green transition; the importance of natural gas as a transitional fuel; diversifying away from Russian natural gas; as well as on extraction and storage solutions.

The delegation from Enterprise Greece conducted 19 business meetings to provide information regarding Greece's comparative advantages, recent regulatory developments, investment opportunities in hydrocarbon research and development, as well as technological developments towards the green transition. Special emphasis was given to Greece's strategic geopolitical position, and the country’s development into a regional energy hub attracting international investment interest.

The conference came as an American consortium begun exploring two offshore blocks south and southwest of Crete in search of hydrocarbon reserves. The blocks in question cover a 40,000 square kilometer area and are a continuation of the Herodotus Basin, which has significant confirmed reserves (Egypt, Cyprus). The blocks are of great interest, as initial estimates suggest potential reserves of 280 billion cubic meters could be located in the seabed, a quantity, if verified by exploration, which could cover the energy needs of Greece for approximately 50 years.