Web tool for the quantification of oil and gas corridors' socio‐economic risks

Abstract

PurposeGreece is a net importer of oil and gas and is among the most vulnerable countries of the European Union (EU) on energy supply disruptions. Furthermore, is considered a “crossroad” of existing and forthcoming infrastructure for importing energy to the EU. The purpose of this paper is the presentation of the web tool that implements the developed methodology for the quantification of socio‐economic risks of oil and gas corridors. The tool is applied to the main present and future oil and gas corridors to Greece, and the related outcomes are discussed.Design/methodology/approachA structured and coherent review on the future and present oil and natural gas (NG) corridors to Greece was elaborated, based on desk analysis and collection of the related data from national and international sources. Factor analysis was employed for the quantification of socio‐economic risks of each energy corridor. Particular emphasis was laid on the tool's design, so as to be user‐friendly, combining intuitive menus and navigation throughout the steps of the system.FindingsThe calculation of socio‐economic risks of the main oil and gas corridors to Greece provides operative and measurable concepts for supporting energy‐modelling processes. Indeed, this paper provides useful insights on the factors affecting the smooth energy supply and the reliability of oil and gas supply options to the Greek energy system. Moreover, the presented web tool can be used as a reference point for the researcher working on energy supply risks quantification.Originality/valueThe introduction of the energy corridors perspective in the valuation of supply security is of significant importance, taking into account the constantly increasing energy dependence of EU countries. To the best of the authors' knowledge, a structured and coherent review of the future and present oil and NG corridors to Greece is not present in the international literature. In addition to this, the development of the web tool is a clear contribution towards the quantification of the economic and socio‐political risk analysis and a step forward of the existing studies.