Energean's CEO, Mathios Rigas, spoke to the members of the Propeller Club Piraeus about the path towards a just energy transition in the Eastern Mediterranean region amid developments in international markets.
In his speech, Mr. Rigas suggested that the Greek government should follow Israel's example in energy production and in particular in the extraction of hydrocarbons.
He mentioned that Israel 20 years ago was dependent on Egypt for energy and within 20 years discovered the deposits in Leviathan and others, and today the opposite is happening.
Following the example of Israel, Greece could achieve energy self-sufficiency with a stable policy, as long as there is determination and a plan.
Mr. Rigas spoke about the establishment of Energean in 2007, which took the risk of buying the field in Prinos by investing 1 million euros and with careful moves attracted various private and institutional investment funds by expanding its activity in Israel by undertaking the extraction of natural gas in the Karim field.
Gradually, the company entered the main market of the London Stock Exchange and built an FPSO unit in Singapore, which it installed in Israel, supplying 60% of the gas market.
It is worth noting that the company currently has a market capitalization of $2 billion.
Mr. Rigas referred to the company's future plans such as the expansion in West Africa, the oil extraction in the west of Corfu and the creation of a storage area of 3 million tons of CO2 per year in Prinos.
He also described the challenges of geopolitical developments such as the war in the Middle East and the path towards decarbonization.
Mr. Rigas was declared an honorary member of Propeller Piraeus while the Association of Shipping Financial Executives was also awarded for its contribution to shipping.
The award was received by the president George Xiradakis.
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