Abstract
In light of the new hydrocarbon reserves in the Eastern Mediterranean for Greece, as well as the exploitation of the Greek reserves that might exist in its territory and marine area many possibilities arise. Along with the possibility of Greece becoming an energy transit hub, the changes and new conditions this scenario would bring for Greece, the European Union, their relation and their relations with third countries has to be considered. International relations, geopolitics of energy and energy globalization are interrelated and of high importance for every contemporary nation state. However, it appears that the literature around energy globalization is rather limited, despite the role it plays for the well-being of states and its primacy in the international political agendas. The international organizations as well as regional organizations such as the EU have forwarded a large number of treaties and legal agreements to regulate the energy market, reduce CO2 emissions and tackle climate change. However, it is important to point out that specific states are more competitive than others in the international energy market and have different needs, aims, weaknesses, dynamics and perspectives on the matter. Attempting to approach the subject with a focus on Greece as a case study, this paper shall attempt to assess the aforementioned factors. In particular, the study will start with a historical analysis of the long and complex history of Greece with regards to hydrocarbon reserves, followed by any market. Questions with regard to exploitation and availability of resources will be the main research question, which will be answered through a combination of a literature review, along with qualitative research using interviews as primary data. The essence of the research is to examine the geopolitical impact of energy, therefore proving the significance of energy and its impact on states, their behaviour and well-being is one of the key findings, since energy can lead to dynamic alternations on states that own, produce and consume energy, as well as on the transit states. Another important finding is the overall energy insecurity of the EU, due to its high dependence on a single energy supplier, therefore its need for alternative sources and suppliers in order to establish energy security. However, while examining the alternative options of the EU, it became apparent that the alternatives are few and all with their own distinct problems and that the complete replacement of Russia is impossible. Another finding of this research is that the Eastern Mediterranean corridor and the possibilities that arise from it can offer to the EU a very promising and safer new supplier and that there is a role for Greece in this scenario as well. However, further findings are not very optimistic when it comes to the transition of Greece to an energy producing state. The Greek exploratory program is currently on a primary level still an it is still very unclear whether the state can become an energy producing state. Even so, the state’s potential of becoming an important transit hub is very real and by taking the right measures, making the necessary moves and applying the correct policies, this potential can become a reality very soon, a prospect that would overall upgrade the Greek state’s role in the EU and within its region. Triggering point of this research was the overall lack in literature with regards to Greece, its hydrocarbon reserves and the prospects that were opening up for Greece after the Eastern Mediterranean discoveries, so main goal was to fill in this gap, but also to create new questions through the in depth analysis. The fact that data on the subject matter change constantly because it is an on-going condition, can not only provide food for thought to policy-makers but also trigger more researchers to try and continue on the research.