Greece, which currently produces only small volumes of oil, is working to expand domestic natural gas resources to reduce reliance on imports. While renewables have increased in recent years, gas remains critical to the country’s power generation mix. The exploration push also aligns with the European Union’s strategy to diversify supply and reduce dependence on Russian energy following the invasion of Ukraine.
After taking a 70% stake in Terna Energy in December 2024 at EUR 20 per share in a deal that valued the company at EUR 3.2 billion, Masdar has acquired the remaining 30%, also at EUR 20 per share. Upon completion of the transaction, Terna’s shares will be delisted from the Athens Stock Exchange.