Up to 270 bcm of natural gas estimated in Ionian Sea reserves

Strong indications of earthy state deposits successful Greece’s northwestern Ionian Sea could people a important turning constituent for the country’s system and geopolitical standing, according to Energy and Environment Minister Stavros Papastavrou.

Speaking astatine the signing ceremonial of the drilling declaration for Block 2 (Northwest Ionian), Papastavrou said that if the indications astatine the “Asopos 1” ιστοσελίδα are confirmed and beryllium commercially viable, Greece could acquisition a large boost successful some economical maturation and strategic influence.

The statement was signed betwixt the consortium of ExxonMobil, Energean and HELLENiQ Energy, and Stena Drilling, which owns the floating drilling rig to beryllium deployed successful the area.

According to Energean CEO Mathios Rigas, estimated state reserves successful the portion could scope up to 270 cardinal cubic metres,a fig importantly higher than Greece’s yearly depletion of 6–7 cardinal cubic metres. The planned drilling extent will scope astir 4,622 metres, with costs estimated betwixt €60 cardinal and €70 million.

If the archetypal drilling proves successful, further investments of astir €5 cardinal will beryllium required to make the field. The deposit is expected to beryllium connected via a floating accumulation unit to some Greece and Italy.

Under a favourable scenario, revenues for the Greek state could scope €10 cardinal implicit a 20-year period, based connected existent state prices. However, officials stress that the broader benefits, peculiarly successful terms of vigor information and geopolitical positioning could beryllium adjacent much significant.

Papastavrou described the statement arsenic a “historic moment” aligned with the nationalist vigor strategy of Prime Minister Kyriakos Mitsotakis, aimed astatine strengthening vigor information while accelerating the improvement of the hydrocarbons sector.

He noted that the archetypal exploratory offshore drilling successful astir 50 years is expected to take spot betwixt 14 and 17 February 2027 astatine the Asopos 1 site.

“We are responsibly utilising our home earthy resources while accelerating the transition to renewable vigor sources,” Papastavrou said. “At the aforesaid time, we are advancing hydrocarbons improvement arsenic portion of a realistic vigor transition. These partnerships strengthen Greece’s presumption successful the evolving vigor architecture and make prospects for aboriginal investment.”

US Ambassador to Greece Kimberly Guilfoyle highlighted the planetary magnitude of the project, noting that the collaboration combines American innovation, Greek expertise and Swedish technology.

“Greece stands astatine the crossroads of continents and vigor corridors,” she said. “It is not simply participating but starring the region’s vigor transformation. This statement reinforces Greece’s relation arsenic a reliable vigor spouse and a pillar of stability successful Southeast Europe.”

Sweden’s Ambassador Håkan Emsgård besides pointed to Greece’s economical stabilisation, strong maturation rates, and its emergence arsenic an vigor exporter and determination hub successful the Eastern Mediterranean.

In a recorded message, ExxonMobil Vice President John Ardill referred to the accelerated advancement of the concern since the institution joined the consortium successful November 2025.

HELLENiQ Energy CEO Andreas Siamisis underlined the strategic value of a imaginable discovery, stating that vigor information is captious not lone for economical improvement but besides for nationalist security.

“If we observe resources successful Greece, it will supply us with greater state and flexibility to signifier our vigor model,” helium said.