OIL

The government will announce initiatives to accelerate gas exploration in the Ionian Sea and in Crete. As officials stated, the goals are realistic compared to the schedule of other countries in the region, such as Egypt and Israel.

The pandemic has brought ups and downs in hydrocarbon exploration worldwide as oil prices have come under increasing pressure, and many companies and states have turned to green investments, seeking to change their energy mix with greater RES penetration. Especially in Europe, the goals set by the EU for the transition to "green" energy raises doubts about the support that gas projects may have.

Fresh blow to the country's efforts to develop its natural resources project after the company's decision to cut off the international investments. Energean is seeking a new partner for the oil search.

Greece's Prinos, the country's only operating oil field, is facing the risk of shutting down hit by record low prices brought on by the Russia-Saudi Arabia price war and plunging demand in the wake of the coronavirus outbreak. Operating since 1981, the offshore oil field is located 18 kilometers off the northern town of Kavala. Company officials say that it is an old oil field that needs lots of new capital amidst falling production levels.

According to brokers, chartering a tanker from the Middle East to China costs $243,347 per day, an increase of 700 percent from just over a week ago. By taking a look at moves that Greek shipowners have made lately, one gets the general feeling is that fares will remain high in coming weeks.