ABSTRACT The aim of the present paper is to investigate the feasibility and the type of method for oil production in the offshore area of Katakolo in western Greece. The strategic development of oil production analyzed herein is based on the following five factors:social conditions of the area,
geological- geophysical conditions and oil deposit,
socio-economic impact and financial considerations of the three proposed methods for oil production,
methods for oil storage and transportation and,
evaluation and comparison of the three oil production methods.
Based on the proposed strategic framework and the results of the associated analysis, it can be stated that this effort is the first one to present the most efficient approach for developing the oil field in Katakolo, taking into account environmental constraints, socioeconomic factors and safety issues.
INTRODUCTION The continuous increase of energy demand around the world stimulates interest in finding new oil fields. Oil exploitation represents a significant component of the strategic plans for energy requirements in many countries. While oil remains the dominant source of energy in Greece, exploration till now has been very limited and only in northern Aegean a low oil production exists since 1981. Greece can be considered the least oil explored country in the eastern Mediterranean region. The legal framework being applied since 1995 has led to this stagnation. The removal of this weakness was imperative. The enactment of the new Law 4001/2011 in combination with the preexisting one formed a new flexible legal framework. To overcome the stagnation, Greek authorities focused their efforts on an aggressive oil exploration campaign starting from non-exclusive seismic surveys in the Ionian and southern Cretan Sea and introducing three areas in the procedure of open door (MEECC, 2011). This procedure can be applied in Greece because the areas are permanently available, as they belong to the state.