It is no secret that the nation of Greece has suffered greatly from economic woes in recent years. Greece has struggled with high unemployment and severe economic depression for years with some parties saying the country is worse off than the United States was during the great depression in the 1930s. Yet into this bleak situation hope has emerged, in the form of the energy markets.

According to Yannis Bassias, the head of the Hellenic Hydrocarbons Resources Management, in 2018 Greece will start opening new onshore oil and gas blocks for exploration. This is an open invitation for energy companies to begin seek out new sources of hydrocarbons which will help reduce the indebted nation’s dependence upon energy imports.

While the prospect of discovering new resources is always appealing to energy companies the situation in Greece is not ideal. The troubled nation has been struggling with a severe debt crisis for the better part of a decade and has received billions of euros in bailout support from both the IMF and the EU. The political crisis which has gripped Greece has frightened investors who fear the rising specter of anarchy and worry about a government which is unable to police sections of its own capital.

However, in recent months the a round of austerity measures (which are roundly disliked by the Greek people) in Greece has improved the climate for businesses and made economic collapse in the country less likely. While significant challenges remain in the form of persistently high unemployment and economic stagnation there is a chance that this will be seen a step in the right direction and spur foreign investment.

While it remains to be seen whether or not Greece will be largely successful in its bid to entice oil companies to search for resources, but there has been limited progress. Last week the Greek company Energean signed a lease agreement with the Greek government, allowing it to search for resources within the western part of the country.