The US has developed a comprehensive energy policy that includes southeast Europe and the Mediterranean. This was the subject at the two-day high level meeting of the Partnership for Transatlantic Energy Cooperation( P-TEC) last week in Athens, placing Greece at the centre of it.
This was the sixth such annual meeting, but it was the participation of three senior members of President Trump’s administration that made it so special. They were Energy Secretary Chris Wright, Interior Secretary and chairman of the National Energy Council Doug Burgum, and Deputy Secretary of State Michael Rigas, but also US ambassador to Greece Kimberly Guilfoyle. Other American attendees included officials from the US International Development Finance Corporation and the US Export-Import Bank. Not even Brussels can boast to have attracted so many senior American officials at the same time.
Prime Minister Kyriakos Mitsotakis correctly observed that “the presence of such a large American delegation in our homeland last week demonstrated precisely the pivotal importance of Greece.”
Equally important was attendance by energy ministers from 25 countries across Europe, with all countries of southeast and central Europe represented.
The participation of ambassador Guilfoyle ensures that P-TEC will be followed up actively. She has a mission to strengthen the US-Greece alliance, focusing on defence, energy and economic ties. She is a long-time Trump loyalist, with the president calling her a “close friend and ally”.
“She is perfectly suited to foster strong bilateral relations with Greece, advancing our interests on issues ranging from defense cooperation to trade and economic innovation,” he said.
P-TEC was one of the most consequential gatherings on energy in Athens to date, characterised by optimism and ambition. Greece emerged as a key energy and trusted ally for the US in southeast Europe, but also as key to opening up the East Med. Its geographic location and its energy infrastructure are eminently suited to this role: LNG import terminals at Alexandroupolis and Revythousa, the gas Interconnector Greece-Bulgaria (IGB), the reconfigured Trans-Balkan pipeline and the Southern Gas Corridor that extends through Greece to Europe. Greece is also developing two new LNG import terminals, and the Vertical Gas Corridor, a pipeline network passing from Greece through Bulgaria, Romania and Moldova to Ukraine.
We are witnessing the development of a new energy and geopolitical landscape for the region.
Europe agreed in October to phase out all Russian pipeline gas and LNG imports, with a full ban to take effect by the end of 2027.
In addition, in July, the EU committed to importing up to $750 billion worth of US energy products by 2028, primarily LNG. This commitment was part of a larger trade and tariffs agreement between EU and US, intended to boost energy security by replacing Russian energy imports.
This is the backdrop that made P-TEC so special, as countries in the region are scrambling to secure alternative energy supplies.
The US strategy for the wider region, that comprises a corridor from central and southeast Europe to the East Med – from Ukraine to Israel – is three-pronged:
This is led by specially chosen US ambassadors to Greece, Cyprus, Israel and Turkey – all close Trump associates – as well as Massad Bulos, father-in-law of Trump’s daughter, appointed by Trump as his senior advisor for north Africa and the Middle East. They are well-placed to shape Trump’s policies in the region.
Achieving this strategy requires resolution of the key problems affecting this part of the world, from maritime disputes, to the Cyprus problem and tension between Turkey, Greece and Israel.
Building on the experience with Gaza, and in support of this strategy, the US plans to become actively involved in settling regional disputes, and where needed impose solutions, to bring stability.
The US has identified Greece as central to stopping European dependence on Russian energy. P-TEC emphasised the role of the country as a key gateway for American LNG and energy plans for the wider region.
The other dimension of this strategy – centred on US energy dominance – is expansion and strengthening the role of American oil and gas majors in the region.
P-TEC witnessed the signing of Greece’s first long-term LNG contract between US’ Venture Global and DEPA/AKTOR for 0.7bcm/yr from 2030, rising to 2bcm/yr.
A key deal signed during P-TEC was ExxonMobil taking a 60 per cent interest in Greece’s block 2 in the northwestern Ionian Sea, with a plan to drill in 2027.
In, addition, in a very important development, the Chevron-Helleniq Energy consortium was selected as the preferred investor for four blocks south of Crete.
These deals open a new chapter in hydrocarbon exploration and carries significant geopolitical weight for Greece, the wider region, relations with Turkey, and US interests in the East Med.
ExxonMobil and Chevron have also been increasing their footprint in Egypt in recent years. Last week saw them acquire deep offshore acreage adjacent to their existing blocks offshore Egypt.
Chevron, and separately US officials, also visited Libya to explore potential return to the country. Chevron’s foray into Libya as well as south of Crete requires dealing with the problems generated by the Turkey-Libya maritime memorandum. This is Bulos’ remit.
Related to this is the offer by Mitsotakis on October 17 to convene a meeting/forum, inviting Turkey, Egypt, Cyprus and Libya to meet and address disputes over maritime zones and related issues. It is part of this overall strategy and it is a step in the right direction.
At the sidelines of P-TEC, the energy ministers of the US, Greece, Cyprus and Israel met reviving the 3+1 format. They reaffirmed their support for broader regional interconnectivity projects, such as GSI, within the context of the India Middle East Europe Corridor (IMEC), energy development and cooperation on energy infrastructure protection.
In addition, for the first time, the Israeli government openly proposed that the Cyprus-Israel segment of GSI be built even before the Crete-Cyprus segment. This adds a new dimension that could speed-up progress on the project.
This also explains the compromise Mitsotakis accepted with regards to updating of economic and technical parameters of GSI, giving Christodoulides breathing space. He has bigger fish to fry than GSI. The American plan for the region, with Greece at the centre of it, takes top priority. This is the new regional reality.
