[InTime News]
Greece advanced plans for its first offshore exploratory gas drilling in nearly 40 years on Wednesday, after officials and energy executives signed a drilling agreement.
A consortium of ExxonMobil, Energean and Helleniq Energy signed the agreement with Stena Drilling for offshore exploration in Block 2 in the northwestern Ionian Sea.
Greek Energy Minister Stavros Papastavrou said there are strong indications of natural gas at the “Asopos 1” site, where the first exploratory offshore drilling is scheduled for February 2027.
According to estimates presented by Energean CEO Mathios Rigas, the area may hold up to 270 billion cubic meters (bcm) of natural gas, compared with Greece’s annual consumption of 6 to 7 bcm. The planned well will reach depths of up to 4,622 meters and is expected to cost €60 to 70 million.
“We are aiming for a big discovery but it will mean nothing if the first drilling is not successful,” said Rigas.
If successful, development of the field could require up to €5 billion in additional investment and generate about €10 billion in state revenues over 20 years, alongside potential gains in energy security.
Officials from the participating companies and the US Embassy described the project as part of broader international energy cooperation.