Greece’s Ministry of Environment and Energy confirmed that offshore exploratory drilling in the Ionian Sea is on track for implementation in the first quarter of 2027, following a meeting with energy executives during CERAWeek 2026 in the United States.
Minister Stavros Papastavrou and Deputy Minister Nikos Tsafos met with John Ardill, Vice President of ExxonMobil, in the presence of Aristofanis Stefatos, Chief Executive Officer of Hellenic Hydrocarbon and Energy Resources Management Company.
According to the ministry, discussions focused on the first offshore exploratory drilling operation in Greece in 40 years. The drilling will be carried out by a consortium comprising ExxonMobil, Energean and Helleniq Energy in the Ionian Sea. The project has entered the implementation phase under a tight timetable, with the consortium expected to initiate all necessary actions, including the transfer of specialised research equipment, in order to begin drilling within the next 12 months.
Earlier, Papastavrou addressed Greece’s position in the evolving global energy landscape as a guest of the Baker Institute for Public Policy at Rice University, during a discussion with institute director Kenneth Medlock.
He highlighted Greece’s emerging role in transatlantic energy cooperation and stressed that threats of the use of force cannot be accepted as tools of policy, underlining that regional collaboration must be based on respect for international law, trust and credibility. He noted that the 3+1 energy cooperation framework between Greece, Cyprus, Israel and the United States represents a new model of institutional cooperation grounded in international rules.
Papastavrou also explained that relative stability in energy prices in Greece, despite tensions in the Middle East, resulted from the country’s diversified energy mix and the expansion of renewable energy sources. He said the government’s strategy of “energy realism” includes both renewable energy development and the exploration and potential exploitation of domestic hydrocarbon resources.
On the sidelines of the event, Papastavrou met with Ukrainian Deputy Prime Minister Denys Shmyhal to discuss strengthening Greek-Ukrainian energy cooperation and potential investment opportunities for Greek companies in Ukraine.
Papastavrou and Tsafos are also scheduled to meet with Doug Burgum, US Secretary of the Interior and chair of the National Energy Dominance Council, to further discuss bilateral energy cooperation.
greekcitytimes.com.
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