Ambassador Kate Smith CMG and the Head of Global Macroeconomics at BP Mr William Zimmern hosted an event to announce the results of the BP Energy Outlook and Statistical Review on Wednesday 19 September 2018. This follows on from last year’s very successful launch.
The Ambassador welcomed the guests saying:
I am very happy to host the presentation of the World Energy Outlook by BP, one of the major shareholders of Transadriatic Pipeline, a project that demonstrates the key role of Greece in energy developments of the region.
The audience included:
- top level guests
- CEOs of the leading energy companies in Greece
- ship owners
- government officials
- the Secretary General of Ministry of Energy
- well as think tanks
The BP Energy Outlook 2018, which was handed to all guests, outlines ‘the most likely’ path for energy demand based on assumptions about future changes in policy, technology, and the economy.
Energy sector in Greece
Developments in the energy sector in Greece have attracted the interest of international players.
They include the:
- completion of the trans-Adriatic pipeline (BP is a shareholder)
- signing of contracts for the IBG interconnector and the LNG storage terminal in Alexandroupolis
- awarding of licences for hydrocarbons exploration
- progressive unbundling of the gas and electricity market
There are now more opportunities for British companies in the gas sector, pipeline projects, energy saving and renewable sectors, as well as for UK funds to invest.
BP Energy Outlook 2018 forecasts
According to the 2018 edition of the BP Energy Outlook:
- the global demand for energy is expected to increase only 30% in the next 25 years
- the global energy mix is expected to become the most diverse the world has ever seen by 2040 - with oil, gas, coal and non-fossil fuels each contributing around 25%
- renewables are projected to be by far the fastest-growing fuel source, increasing 5-fold
- demand for oil is expected to grow over the next years before plateauing in the mid 2030s
- natural gas demand will continue to grow strongly and overtake coal as the second largest source of energy
- carbon emissions continue to rise, signalling the need for a diversification in the energy mix, for example through the electrification of vehicles, which will reach 15% of the total fleet by 2040
BP Energy Outlook event
The event included:
- a welcome statement by Athanasios Rigas , Managing Director of BP Oil Hellenic S.A
- a presentation which covered several aspects of the global energy scene by William Zimmern
- a panel discussion based on the presentation hosted by, Virginia Murray - Vice Chairman of the British Hellenic Chamber of Commerce
- questions and observations from the audience
The panel discussion was focused on the developments in natural gas and renewable sector in Greece.
Panel members included:
- Mr Giannis Arapoglou, CEO of Gastrade
- Kostas Andriosopoulos of the Hellenic Association of Energy Economics
- Haris Damaskos of EBRD
- Panagiotis Ladakakos of the Hellenic Wind Energy Association
The UK’s Department for International Trade (DIT) in Greece:
- provides tailored services to assist existing as well as new UK exporters
- offers professional and personalised support to companies in Greece wishing to locate and expand in the UK
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