A drilling rig lease agreement with Stena Drilling is expected to be signed in April, accelerating procedures for the first exploratory drilling in block 2 of the northwest Ionian Sea. Meanwhile, the Echo One vessel has already begun work on the essential environmental impact study, which is a prerequisite before drilling can commence. This specific block is being developed by a consortium including ExxonMobil, Energean and HelleniQ Energy, which are proceeding in coordination with the next phases of the exploration plan.
In an interview with OPEN, Environment and Energy Minister Stavros Papastavrou stated that the goal is to conduct the exploratory drilling in February 2027, marking the transition from the research phase to on-site verification of potential deposits. He also emphasized that the timing is particularly significant, as energy has now become a fundamental factor in national security. As he highlighted, countries are pursuing energy self-sufficiency and diversification of their sources to reduce dependency and strengthen resilience against geopolitical challenges.
Stavros Papastavrou: Partnerships with major energy companies strengthen Greece’s geopolitical position
In this context, hydrocarbon development is part of a broader strategy to enhance energy security, combined with the increasing contribution of renewable energy sources, which already cover over 55% of electricity generation during the first months of the year.
Referring to international collaborations, the minister noted that partnerships with major energy companies strengthen the country’s geopolitical position, while other projects are also advancing, such as explorations south of the Peloponnese and Crete in cooperation with Chevron. According to him, the goal is for related seismic surveys to begin towards the end of 2026.
Finally, he emphasized that exploring potential deposits constitutes a responsibility toward national wealth, while stressing that it must be conducted with strict adherence to environmental regulations and respect for marine biodiversity. He also underlined that even a positive indication from the 2027 exploratory drilling could immediately strengthen the country’s geopolitical position, even before production begins, which is scheduled around 2032.
