Greece Prepares Major Offshore Drilling After 40-Year Pause

Greece’s hydrocarbons programme is entering an accelerated phase, according to Aristofanis Stefatos, Chief Executive Officer of the Hellenic Hydrocarbons and Energy Resources Management Company, who spoke on Holy Tuesday at the 7th Power & Gas Forum.

Stefatos stressed the need to speed up procedures amid heightened geopolitical uncertainty and increased international interest in the Eastern Mediterranean. He noted that this positive climate was reflected in recent international engagements at CERAWeek in Houston and Egypt Energy Show (EGYPES) in Cairo.

He highlighted ongoing efforts to mature new exploration areas to make them more attractive to investors. Meetings with specialised companies are already under way, focusing on the preparation and evaluation of potential concession areas. Stefatos added that growing interest in Greece follows the involvement of major international energy players, while leaving open the possibility of revisiting regions where exploration had previously stalled.

As part of the broader upgrade of the Greek hydrocarbons programme, Stefatos emphasised the importance of expanding the investor base beyond major international groups. He said the next phase of development offers opportunities for mid-cap companies to participate in exploration activities.

Offshore drilling to resume after four decades

Stefatos also underscored the significance of the planned restart of exploratory drilling in Greece after a 40-year pause. He said a new deep-water drilling operation in the Ionian Sea is expected to take place far from the coastline, with increased technical requirements and a projected timeline in the first quarter of 2027.

He added that the programme aims to launch seismic surveys within 2026 in newly licensed areas, provided that licensing procedures accelerate and tender processes conclude successfully.

The surveys will include two-dimensional seismic data collection in areas such as southern Peloponnese and south of Crete, along with three-dimensional recordings in selected offshore blocks, enabling faster decision-making regarding future drilling operations.