Greece's Crete‑Cyprus power link financing and western gas drilling advance

The Independent Power Transmission Operator (ADMIE) is preparing a financing request to the European Investment Bank for up to €1 billion to fund the Great Sea Interconnector – a 898‑km subsea electricity cable linking Crete and Cyprus. The funding, covering roughly half of the project's estimated €2 billion cost, is seen as critical to move the stalled project out of its “freeze” and secure the strategic link that would connect Cyprus to the European grid and support Greece’s role as a clean‑energy corridor.

In parallel, Greece is moving forward with major natural‑gas exploration in its western waters. The first research drilling at the Asopos 1 well in Block 2 off Corfu is scheduled for February 2027, with a depth of 4,622 m and a cost of €60‑70 million. The block, jointly held by ExxonMobil (60%), Energean (30%) and HELLENiQ ENERGY (10%), is estimated to contain up to 270 billion cubic metres of gas, potentially yielding €10 billion in state revenues over two decades and requiring €5 billion in development investment. Additionally, Chevron has acquired a 70 % stake in Block 10 in the Kyparissian Gulf, with HELLENiQ ENERGY retaining the remaining 30 %.