The drilling in Block 2, an area extending across 1,000 square kilometres, is the first deep-sea test drilling in Greece in almost 40 years and could take place in February 2027 once permits are secured, Rigas said.
The “Asopos” structure could carry recoverable deposits of gas and oil of six to seven-trillion cubic feet and the likelihood of success was about 16 per cent, he added.
“The chances are very good,” he said, adding that the development would involve a floating offshore facility to link subsea wells to Greece and Italy.
Greece now produces only very small quantities of oil and any discovery of gas will help the country cover both domestic demand and start exporting to Europe.
(Reporting by Angeliki Koutantou; Editing by Janane Venkatraman)