Greece has only minor domestic reserves of oil and gas and relies heavily on energy imports. In 2006, Greece consumed 1.4 Quadrillion Btu (Quad) of total energy of which 64 percent was petroleum followed by coal (23 percent), dry natural gas (8 percent) while hydroelectric and renewable energy combined accounted for 5 percent.

Oil consumption has increased in recent years, but has been outpaced by strong growth in demand for natural gas, driven by the development of new gas-fired power plants. The planned construction of a new oil pipeline from the Black Sea to Greece’s Aegean Sea port of Alexandroupolis, the completion of a gas interconnector with Turkey, and the planned completion of a further gas link to Italy will establish the country as an important transit route for oil and gas supplies from the energy-rich Caspian Region to European markets.