Greece to begin Ionian Sea gas drilling in 2027

Greek Energy Minister Stavros Papastavrou has announced an accelerated timeline for subsea energy exploration in the Ionian Sea. Seismic surveys by Chevron are expected to begin by the end of 2026, spanning the area from the Ionian to Crete.

A joint venture involving Energean, HELLENiQ ENERGY, and ExxonMobil is scheduled to conduct its first exploratory drilling in the northwestern Ionian Sea during the early months of 2027. The consortium estimates a 15-16% probability of success, with potential natural gas reserves estimated at approximately 270 billion cubic meters.

Minister Papastavrou noted that while only drilling can confirm commercially viable deposits, a successful outcome could generate significant public revenue and enhance Europe's energy security. He emphasized the need for “restrained optimism” and institutional consistency regarding hydrocarbon exploration. Additionally, the Minister dismissed rumors regarding changes to the route of the Greece-Cyprus-Israel electrical interconnection cable, calling such reports inaccurate.