Papastavrou to Naftemporiki: First offshore natural gas drilling set for February 2027

After astir fractional a century—specifically successful February 2027, ten months from now—the archetypal offshore earthy state drilling cognition successful Greece since the Prinos well is acceptable to take place, according to Energy and Environment Minister Stavros Papastavrou, speaking successful an interrogation with Naftemporiki’s vidcast and writer Michalis Psilos.

“The drilling will beryllium carried retired astatine the ‘Asopos 1’ offshore artifact successful the northwestern Ionian Sea by the state-of-the-art drillship of Stena Drilling,” the Minister noted. He added that last agreements betwixt the consortium of ExxonMobil, Energean, and HelleniQ Energy for the lease of the sixth-generation drillship Stena DrillMAX are expected to beryllium signed within April. At the aforesaid time, efforts are accelerating to initiate seismic surveys south of Crete and the Peloponnese earlier the extremity of 2026.

“A nationalist legacy”

The inaugural constitutes a “national bequest and a strategic nationalist prime with cross-party support,” the Minister stressed.

Ceasefire developments and vigor security
Speaking soon aft the announcement of a two-week ceasefire betwixt the United States and Iran, Stavros Papastavrou described the improvement arsenic “highly significant,” expressing anticipation that it will lend to de-escalation and determination stability. He noted that reopening the Strait of Hormuz would let the transition of hundreds of vessels presently stranded successful the area, including 115 Greek-owned ships and 33 flying the Greek flag.

No substance rationing scenario

The imaginable of escalation had led the European Commission to consider—even arsenic a last-resort scenario—fuel rationing. However, the Minister dismissed such a possibility, referring to earlier remarks by Commissioner Dan Jørgensen arsenic an utmost script that is nary longer relevant, peculiarly successful airy of the ceasefire.

He reassured that there is nary contented regarding vigor supply successful Greece, emphasizing that the state maintains sufficient reserves for astatine slightest 90 days and remains successful adjacent coordination with marketplace stakeholders, who person demonstrated a precocious level of maturity.

Fuel prices outlook

On substance prices—especially amid accrued Easter travel demand—the Minister noted that though planetary lipid prices person precocious declined, they had surged sharply during the 40-day struggle (by 60% for Brent crude and 70% for earthy gas).

He expressed the view that caller developments are apt to pb to a gradual easing of prices successful the coming days oregon aboriginal adjacent week, reflecting broader planetary marketplace trends.

Electricity prices and vigor mix

Regarding energy prices, Papastavrou highlighted that Greece has developed a diversified vigor mix, with astir 50% of energy generated from renewable vigor sources (RES), rising to 55%–56% when hydropower is included.

This diversification helps mitigate the interaction of fluctuations successful earthy state prices—particularly those linked to the TTF benchmark successful Amsterdam—on energy costs. He noted that wholesale energy prices stood astatine 109/MWh successful January, dropped to 77 euros successful February, roseate to 95 euros successful March amid the conflict, and presently scope betwixt 80–85 euros.

Support measures for industry

The Minister besides announced caller measures aimed astatine reducing vigor costs for industry, emphasizing that these are driven not by the situation but by the request to heighten competitiveness.

Following discussions with the European Commission, a model of measures was introduced, delivering yearly savings of astir 100 cardinal euros implicit the adjacent 5 years. Combined with backing from the “Modernization Fund,” co-announced with Development Minister Takis Theodorikakos, the total support bundle amounts to 200 cardinal euros for energy-intensive industries and small manufacturing businesses.

While acknowledging that these measures unsocial will not transform competitiveness, the Minister described them arsenic meaningful alleviation that supports the broader extremity of strengthening Greek industry, boosting employment, and supporting the nationalist economy.

The Vertical Corridor and vigor hub ambitions

A cardinal authorities priority, helium stressed, is achieving vigor independence. In this context, Greece is advancing the “Vertical Corridor” for earthy state transmission, targeting a marketplace of 100 cardinal radical northbound of its borders.

He noted that Greece has already evolved into an vigor hub: from importing 6–7 cardinal cubic meters (bcm) of state for home depletion successful 2019, to handling 17 bcm successful 2024–2025, of which 11 bcm were re-exported.

The strategic objective, helium added, is for Greece to service arsenic a gateway for U.S. LNG into Southeast and Central Europe.

Renewables and storage: the adjacent frontier

Finally, Stavros Papastavrou emphasized the captious relation of renewable vigor arsenic a buffer against terms volatility during crises.

He identified vigor storage arsenic the adjacent large challenge, enabling much businesslike utilization of RES output. Initial steps person already been taken, with two 16 MW artillery units precocious connected to the grid. The target is to scope 700 MW by the extremity of the year and 1.2–1.5 GW by the extremity of 2027.

Renewables, combined with hydropower, signifier a cornerstone of Greece’s diversified vigor mix, reducing reliance connected imported earthy gas—whose prices tend to spike during periods of geopolitical instability.