The HEREMA CEO, Aristofanis Stefatos, was interviewed by journalist George Apostolidis for his show at the Athens 9.84 radio station.
Mr. Stefatos shared his insights about energy challenges in Greece and Europe, given EU’s pioneering commitments for sustainability. He hailed energy transition as an important and historic goal impacting all aspects of human activity, yet also highlighted the difficulties in achieving that target. These include having to meet a tight time schedule, needing to invest millions in “green” infrastructure, technology and projects, and being mindful of the final cost for consumers. As a result, hydrocarbons remain a necessary “bridge fuel”, ensuring energy security in the course towards a greener and decarbonized future.
Commenting on the ongoing Greek program for the exploration and production of hydrocarbons, Mr. Stefatos relayed investors’ estimates about announcing final decisions regarding drilling by the end of 2024, and was optimistic about the outcome, given the systematic collection of data for the past 2-3 years and the amount of relevant investments.
Discussing existing “transition projects”, the HEREMA CEO referenced carbon capture and storage (CCS) programs implemented in Greece and elsewhere. Central and Northern Europe are pioneers in the sector, developing their depleted hydrocarbons deposits for the geological storage of CO2 emissions. A respective project is also being developed in the Prinos deposit in Kavala, northern Greece, although the available storage doesn’t fully cover the needs of the Greek industry. Meaning that the shipping of liquified CO2 for storage in CCS facilities abroad is also being explored.
As the competent licensing authority for CCS projects, HEREMA has developed closed collaboration with peer organizations in Norway and other countries.