If the strong indications that there is natural gas at the Asopos 1 site are borne out and also permit commercial exploitation, this will lead to a leap in economic growth and geopolitical power for Greece, Environment and Energy Minister Stavros Papastavrou emphasised on Wednesday, at the signing of the Drilling Contract for Block 2 (Northwest Ionian), between the ExxonMobil – Energean – HELLENiQ Energy consortium and Stena Drilling (the company that owns the floating drilling rig to be used in the area).

According to data presented by the CEO of Energean, Mathios Rigas, estimated natural gas deposits in the area are around 270 billion cubic meters (for comparison, Greece’s annual consumption is 6-7 billion cubic meters). The drilling depth will reach up to 4,622 meters, and the cost is estimated at 60-70 million euros. If the drilling proves successful, additional investments of 5 billion euros will be required for the development of the field, which will be connected via a floating unit to both Greece and Italy.

In the “positive” scenario of a successful drilling, revenues for the Greek State (at current natural gas prices) over a 20-year period could reach 10 billion euros. However, the benefits in terms of energy security and the upgrading of the country’s geostrategic role will be far greater.

Papastavrou described it as a “historic moment for our country,” which implements Prime Minister Kyriakos Mitsotakis’ national plan for increasing energy security and rapidly developing the hydrocarbons sector. He noted that in approximately 300 days (February 14-17, 2027), “the first exploratory offshore drilling in the country in nearly half a century will take place at the Asopos 1 site in the Northwest Ionian.”

“We are responsibly utilizing our domestic natural resources,” he added, “accelerating the transition to renewable energy sources while also advancing the development of the hydrocarbons sector as part of a realistic energy transition. These partnerships strengthen Greece’s position in the new energy architecture and create prospects for further investment in the future. Energy is becoming a comparative advantage for our country and a stable bridge connecting Europe and America.”

The U.S. Ambassador to Greece, Kimberly Guilfoyle, stated that the cooperation between the companies brings together American innovation, Greek expertise, and Swedish technology. “Greece lies at the crossroads of continents and energy corridors. It has not merely participated but is leading the region’s energy transformation. Our close cooperation reflects confidence in Greece’s economic trajectory, its transparent regulatory framework, and the strong ties between American and Greek businesses. This agreement highlights the opportunities offered by the region and strengthens Greece’s role as a reliable energy partner and pillar of stability,” she added.”The development of Greece’s hydrocarbon resources through agreements like this complements and reinforces this broader energy architecture. Greece is emerging as a true regional energy hub and a strategic partner for ensuring energy security in Southeast Europe.”
The Ambassador of Sweden, Håkan Emsgård, highlighted Greece’s progress in stabilizing its economy, achieving high growth rates, and emerging as a net energy exporter and energy hub in the Eastern Mediterranean.

In a message broadcast during the signing ceremony, ExxonMobil Vice President John Ardill referred to the rapid progress of the partnership following the company’s entry into the consortium in November 2025.

The CEO of HELLENiQ Energy, Andreas Siamisiis, stressed that a potential discovery in the Ionian Sea would change the model for the country. “Energy security is very important for the country’s development and is also a matter of national security,” he noted. “If we find something in Greece, it will give us great freedom and flexibility to develop the model we want.”