The agreement signed within the scope of the P-TEC Energy Cooperation Conference in Athens, the capital of Greece, restarts Greece’s first offshore energy exploration work. The project, to be carried out in cooperation with Energean, HelleniQ Energy and ExxonMobil, will be conducted in the Block 2 area, located west of Corfu Island in the Ionian Sea.
Greek Minister of Environment and Energy Stavros Papastavrou described the agreement as a “historic milestone”: “This agreement brings drilling activity back to Greece after 40 years. If successful, it will provide domestic energy resources both to our country and to Europe.”
Energean CEO Mathios Rigas stated that the project has both national and strategic importance:
“We have been working on Block 2 since 2020. This area could ensure Greece’s energy independence. Moreover, this project is being carried out entirely by Greek engineers and geologists.”
According to three-dimensional seismic research, it is estimated that there could be up to 200 billion cubic meters of natural gas reserves in the Block 2 field. If this resource is confirmed, it will make a significant contribution to Greece’s energy security and strengthen Europe’s supply diversity.
The first drilling platform is expected to arrive in the area in 2026. With ExxonMobil’s participation, the project will accelerate Greece’s long-pending offshore energy exploration program.
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