The first offshore exploratory drilling in the Ionian Sea in 40 years is on track to take place in the first quarter of 2027, as part of the ExxonMobil-Energean-Helleniq Energy consortium’s planning.
This development was discussed during a bilateral meeting between Environment and Energy Minister Stavros Papastavrou and Deputy Minister Nikos Chafos and ExxonMobil Vice President John Ardill on the sidelines of the second day of the CERAWeek energy conference in Houston.
The aim is for the consortium to proceed with all necessary actions, including the transfer of the necessary exploration equipment, in order to proceed with the drilling in less than 12 months.
Earlier, Papastavrou, spoke at Rice University’s Baker Institute in a discussion with Institute Director Kenneth Medlock. During the discussion, the Energy Minister referred to Greece’s role in the transatlantic energy architecture, stressing that “the development of the hydrocarbon sector is part of the energy realism strategy of the Kyriakos Mitsotakis Government.”
In response to a question on Turkey’s stance, he said that threats to use force cannot be accepted and are not an instrument of politics, noting that regional cooperation must be based on respect for international law, trust and credibility. In this light, he added that “the 3+1 scheme between Greece, Cyprus, Israel and the US on energy is a new model of cooperation based on respect for international norms and institutional understanding.”
At the same time, the Minister said that the moderation of energy prices in Greece, despite the crisis in the Middle East, is due to the country’s diversified energy mix, with increased participation of Renewable Energy Sources, noting that the strategy for the exploration and exploitation of hydrocarbons is also part of the same framework of “energy realism”.
In addition, on the sidelines of the report, Mr. Papastavrou met with the Deputy Prime Minister of Ukraine Denis Smichal, where he had the opportunity to discuss the strengthening of energy cooperation and investment prospects for Greek companies.
Finally, the Minister of Environment and Energy, together with the Deputy Minister, will meet on Tuesday with US Secretary of the Interior and Chairman of the Energy Sovereignty Council Doug Bergham at the CERAWeek energy conference.
