Optimistic are the projections for the development of energy projects in Greece, with ambitious ventures having entered the implementation phase and 2027 expected to be a milestone year. With Greece upgraded on the global energy map as a significant hub, forecasts from the Ministry of Environment and Energy for this year and next suggest that our country will reap multi-level benefits from partnerships and drilling projects. As conveyed by Stavros Papastavrou’s office, drilling operations in the Aegean are expected to begin in early 2027, and should the explorations bear fruit and the deposits prove commercially viable, Greece will have acquired its own comparative advantage.
Over the past two years, the message from the Greek side has been that peace and stability in the Eastern Mediterranean region remain among the primary objectives. Simultaneously, south of Crete with Chevron and HELLENiQ Energy, as well as west of Corfu with Exxon Mobil and HELLENiQ Energy, the two largest oil companies are giving our country a vote of confidence. In ExxonMobil’s case specifically, this marks the first exploratory drilling in 40 years, scheduled for 2027.
Aegean drilling rig: approval procedures in final stretch
The process has already been initiated to deploy the drilling rig in the Aegean, with the Minister of Environment and Energy having announced that “the English text of the contract with Chevron for Crete has been approved by the Administrative Council of EDEEP” and “we’re going to the Court of Auditors, so we have an approved contract.” It should be noted that after the Court of Auditors, the final stage remains: Parliament. According to Mr. Papastavrou, this “means that in Corfu, in the Ionian Sea, we will have ExxonMobil conducting drilling in late 2026, early 2027, while in Crete we will begin geophysical and seismic surveys in early 2026, once the contract passes through Parliament”.
It should be recalled that on November 28, in the political show of parapolitika.gr “Black Box”, with Thanasis Fouskidis, Mr. Papastavrou, discussing significant energy agreements announced both at the 6th P-Tec at Zappeion and during Volodymyr Zelensky’s visit to Athens, had emphasized that Greece faces a “unique opportunity“.
“Our country has a geographical position between three continents, it has infrastructure, Revithoussa, the FSRU, it has companies with staff and experience that play leading roles internationally, and it has political and economic stability that allows foreign investors to feel secure. Therefore, these agreements are primarily a vote of confidence in our country. That our country can be the gateway for American natural gas to enter and travel through the Vertical Corridor across 7 countries and 100 million people“, he had noted characteristically.
“What’s happening now is that for the first time in 40 years we will have exploratory drilling in the next 18 months. So we will have the moment of truth. We will know if Block 2 contains a commercially viable deposit. If it is commercially viable, then this alone has very significant economic implications for our country“ he had added.
Greece’s role on the global energy map
Indeed, it’s worth noting that recently, emphasis has been placed on the fact that Greece is the stable partner serving as the gateway for American natural gas to help Europe reduce dependence on Russian natural gas, at a time when the EU is intensifying efforts to achieve this goal and distance itself from the previous regime.
At the same time, the Ministry of Environment has conveyed the message that if all goes well with the exploratory drilling, “we’re talking about possible gas production in the Ionian from 2030 onwards”.
