Greece is moving ahead with its first offshore exploratory drilling in over 40 years, with operations in the Ionian Sea targeted for the first quarter of 2027. The project stems from a joint venture between ExxonMobil, Energean and Helleniq Energy.
The timeline was the focus of talks between Greece's environment and energy minister, Stavros Papastavrou, and ExxonMobil vice president, John Ardill, on the sidelines of the CERAWeek energy conference in Houston. Officials said that preparatory steps, including the mobilisation of specialised research equipment, are expected to be completed within the next 12 months.
Speaking at Rice University's Baker Institute, Papastavrou framed the initiative within the government's broader energy policy approach. "The development of the hydrocarbons sector is part of the strategy of energy realism pursued by the government," he said, alongside a diversified energy mix with a growing share of renewables. The minister said that Greece had relatively contained energy prices despite the war in the Middle East.
Papastavrou added that Greece has a role in transatlantic energy cooperation. He pointed to a "3+1" framework involving Greece, Cyprus, Israel and the United States as "a new model of cooperation based on adherence to international rules and institutional coordination".
Addressing tensions between Greece and Turkey, Papastavrou stressed that "threats of the use of force cannot be accepted and do not constitute a means of exercising policy", citing the importance of international law and stability in energy planning.
The Houston programme also included separate talks with Ukrainian Deputy Prime Minister Denys Shmyhal and with US officials, including Interior Secretary Doug Burgum, chairman of the National Energy Dominance Council, on energy cooperation and investment opportunities.
