After nearly four decades without offshore exploration activity, Greece is preparing to resume drilling operations in the Ionian Sea. The next phase was initiated with the signing of a drilling contract involving a consortium led by ExxonMobil, together with Energean and Helleniq Energy, in partnership with Stena Drilling.
The exploration campaign will focus on Block 2 in the northwestern Ionian basin, where geological surveys indicate the potential presence of significant natural gas reserves. Authorities have identified the Asopos 1 prospect as the first drilling target, with operations scheduled to begin in early 2027.
According to industry estimates, the area could contain up to 270 billion cubic meters of natural gas, far exceeding Greece’s current annual consumption. The planned well will reach depths of more than 4,600 meters and is expected to require investment of 60–70 million euros. While expectations are high, stakeholders emphasize that exploration outcomes remain uncertain.
Even in the event of a successful discovery, large-scale development would require additional investment of up to 5 billion euros, while potentially generating significant long-term state revenues. The project is viewed as a major opportunity for energy sector expansion, though commercial viability has yet to be confirmed.
Officials and international partners have described the initiative as part of broader energy cooperation efforts, with potential implications not only for Greece’s domestic supply security but also for wider regional energy stability.
