Helleniq planning RES investments, while eyeing hydrocarbons

Helleniq Energy is 12 to 18 months away from deciding whether to go ahead with drilling in the Ionian Sea and off the coast of the western Peloponnese, the CEO of the Greek petroleum firm told the Delphi Economic Forum on Thursday, adding that while the shift to greener forms of energy will happen, a "realistic plan" is needed in the meantime.

"We have concluded the seismic surveys and are studying their findings. In the areas in which we are involved, we are 12-18 months away from the next phase, for the decision to drill, and that is still a few months away from the decision on exploitation," Andreas Shiamishis told the international gathering of economists, policymakers, market representatives, analysts and others in Delphi in central Greece.

In the meantime, Helleniq is planning investments worth up to 4 billion euros to boost renewables, Shiamishis added,...