April 15, 2026
A major step forward in Greece’s energy ambitions is set to take place, as ExxonMobil, Energean, and Helleniq Energy prepare to sign a contract with Stena Drilling for exploratory gas drilling in the Ionian Sea.
According to Greece’s energy ministry, the agreement will initiate exploration activities in Block 2, located offshore in western Greece. The project marks a historic milestone, as it will be the country’s first offshore exploratory drilling operation in nearly 40 years.
The consortium had previously agreed to jointly explore the area for natural gas, with growing interest in tapping into reserves that were once considered too difficult to access.
Drilling is expected to begin in February 2027, using a state-of-the-art deepwater drilling vessel operated by Stena Drilling. The rig is capable of operating in ultra-deep waters and reaching depths of up to 35,000 feet, significantly expanding the scope of exploration in the region.
The move comes as Europe continues efforts to strengthen its energy security and reduce reliance on external suppliers, placing renewed focus on domestic energy resources such as those in Greece.
If successful, the project could position Greece as an emerging player in the regional energy market and further boost investment in its offshore sector.