A new agreement on hydrocarbon exploration in the Ionian Sea is raising expectations that Greece may move closer to exploiting its subsoil reserves, an outcome that was considered unlikely until a few years ago. The development marks a turning point following years of advocacy by Greek geologists who called for immediate exploration in the region and submitted proposals to successive governments.
Angelos Mavromatidis, a petroleum geologist with experience in oil companies in the United Arab Emirates, said: "It is important because this will finally be the first drilling in Greece after decades. It is essentially the first exploratory drilling in offshore waters since the Thermaic Gulf, and only the second exploratory effort after the drilling in Ioannina." He was among the scientists who had organised a group to push for hydrocarbon exploration in Greece.
Read more: Greece revives offshore drilling with Ionian Sea project
Speaking to Voria.gr, Mavromatidis said the planned drilling has a strong chance of success, linking this assessment to ExxonMobil's participation. "For ExxonMobil to be involved at such a large scale, there must be strong prospects of finding hydrocarbons," he said, while noting that further drilling would be required to determine whether any discovery is commercially viable and to assess the size and quality of the reserves. He also cited existing deposits in Italy and Croatia as positive indicators, adding: "It shows that the area is of significant interest."
Shifting the focus to northern Greece, Mavromatidis's long-standing view is that the Thermaic Gulf, off Thessaloniki, may contain unexplored hydrocarbon deposits. He described the current period as an opportunity to advance such research, citing expectations that oil prices will remain high and arguing that domestic production could strengthen energy autonomy. However, he expressed reservations about local engagement: "It is an opportunity to open the way for the Thermaic Gulf, but I am not very optimistic… local stakeholders have shown no interest."
An exploratory drilling conducted in 1988 identified natural gas reserves estimated at up to 500 million cubic metres, which at the time were considered marginally viable. Company officials had suggested that hydrocarbon concentrations in the area were unlikely to be isolated and that exploration had not definitively concluded.
The mayor of Thermaikos, Theodoros Tzekos, said: "Deposits were identified, but extraction was considered unprofitable." He added that the issue should be treated as a national priority and argued: "The field here, however, is large and accessible."
Some geologists now consider that current energy market conditions favour renewed exploration of such deposits. For example, extraction at the Prinos field resumed after a nine-month pause, as it was deemed economically viable once more.
by Costas Kantouris - adapted from Greek by Vassia Barba
