Pyatt: The Biggest Energy Shock Since 1973 — and Greece’s Historic Opportunity

Greece is emerging arsenic a pivotal subordinate successful Europe’s vigor information astatine a infinitesimal of profound planetary disruption, according to Geoffrey Pyatt, who warns that the war successful the Gulf has triggered the astir terrible daze to planetary vigor supplies since the 1973 lipid embargo.

Speaking to Naftemporiki up of the 11th Delphi Economic Forum successful April, Pyatt — present Senior Managing Director for Energy and Critical Minerals astatine McLarty Associates — described a “historic opportunity” for Greece to reposition itself astatine the halfway of Europe’s evolving vigor map.

A strategic accidental anchored by Chevron

At the bosom of this displacement is the statement betwixt Greece and Chevron, which Pyatt framed arsenic acold much than a commercialized deal.

“The Greece-Chevron statement represents a large imaginable accidental for further expanding the country’s relation arsenic a large European vigor hub.”
Chevron’s footprint crossed the Eastern Mediterranean — including Egypt, Israel, Jordan and Cyprus, with imaginable enlargement into Libya — reinforces Greece’s strategic importance.

“Aside from their manufacture starring technical capacities offshore, they besides bring to Greece a strong grounds crossed the portion and a demonstrated committedness to gathering productive, cooperative relationships crossed borders.”

Greece arsenic a gateway for U.S. LNG

The surge successful U.S. liquefied earthy state exports is different defining constituent of the caller vigor scenery — and 1 that places Greece astatine its center.

“The increasing volumes of U.S. LNG available successful planetary markets, and the expanding US-Greece practice to bring those molecules to Europe, represents a large strategic accidental some from an American commercialized standpoint and for Greece’s relation successful supporting European vigor security.”
As Europe moves to afloat signifier retired Russian lipid and state by 2027, request for alternate supplies is intensifying. The U.S. already accounts for astir 58% of Europe’s LNG imports, while the EU absorbs astir 65% of U.S. exports.

“The relation of Greece arsenic a large vigor transit state was 1 of the astir important legacies of my clip successful Athens, and I americium gladsome to spot this working being sustained and deepened.”

The Vertical Corridor reshapes vigor flows

A cardinal pillar of this transformation is the so-called Vertical Corridor — a web linking Greece with Southeastern and Central Europe.

“The Vertical Corridor is becoming a caller way for American LNG to supply cardinal and eastbound Europe up to Moldova and Ukraine.”
The inaugural gained momentum successful November 2025, when Bulgaria, Greece, Moldova, Romania, Ukraine and the United States agreed to beforehand the project.

Infrastructure developments are already demonstrating its impact. The Alexandroupolis FSRU has created a caller southern introduction constituent for LNG into Europe, while the Trans-Balkan Pipeline — present operating successful reverse travel — connects Greece to Ukraine and beyond.

Recent transactions underscore the system’s increasing relevance: Ukraine’s DTEK received its archetypal U.S. LNG cargo via Revithoussa successful 2024, while state has besides been transported from Ukrainian storage to Poland done the aforesaid network.

“This demonstrates the Vertical Corridor’s afloat end-to-end functionality and its vigor information relevance for the wider Central Europe region.”

War-driven daze and a caller vigor paradigm

The broader geopolitical discourse is accelerating these developments.

“The ongoing war successful the Gulf is the astir terrible daze to planetary vigor supplies since the 1973 Arab Oil Embargo.”
Pyatt argues that the situation marks a structural turning point.

“Until a fewer weeks ago, markets took Gulf resources for granted. That will not beryllium the lawsuit going forward.”
The daze is expected to reenforce the planetary absorption connected vigor information and diversification, strengthening Greece’s semipermanent strategy.

“Over the agelong term, this will reenforce the ‘all of the above’ vigor attack that Greece has pursued, including a strong absorption connected renewable sources similar wind, solar, and grid standard batteries.”

A semipermanent strategic partnership

Energy, Pyatt emphasizes, will stay astatine the halfway of U.S.-Greece relations.

“As successful past years, vigor will proceed to beryllium a precedence country of practice successful the narration betwixt the US and Greece, and the Vertical Corridor will stay a halfway constituent of the partnership.”

In a world of rising geopolitical tension and vigor uncertainty, Greece is nary longer conscionable a determination subordinate — but an progressively captious node successful Europe’s vigor architecture.