The prospect of a first exploratory drilling operation in the first months of 2027, involving Energean, HELLENiQ ENERGY and ExxonMobil, as well as Chevron’s launch of seismic surveys before the end of 2026, stretching from the Ionian Sea to Crete, marks an acceleration in Greece’s efforts to explore its offshore energy resources, Energy Minister Stavros Papastavrou said in an interview with the Athens-Macedonian News Agency (ANA-MPA) released on Tuesday.
Papastavrou stressed that, despite the particularly demanding timetable, the milestones are being met. He noted that the consortium moving towards exploratory drilling estimates the probability of success – high for this type of activity – at 15%-16%, while it has identified potential natural gas resources of around 270 billion cubic metres. He clarified, however, that only drilling can establish whether the area contains a commercially exploitable deposit.
If the outcome is positive, the minister estimates that the implications would extend far beyond the specific block: significant state revenues could be generated, while the way could be opened for further exploration across wider Greek maritime areas. At the same time, potential natural gas production in Greece would, he said, strengthen Europe’s energy security and enhance the country’s geopolitical and energy significance in the Eastern Mediterranean and the Balkans.
Papastavrou nevertheless stressed the need for “cautious optimism”, noting that the hydrocarbons sector requires institutional seriousness, adherence to timelines and a cross-party approach, without premature celebrations.
Regarding the Greece-Cyprus-Israel electricity interconnection cable, Papastavrou clarified that “reports of a change in the GSI route are completely inaccurate”, dismissing rumours of an alleged redesign of the cable’s route.