Mathios Rigas, CEO of oil and gas producer Energean, stated on Wednesday that the company plans to achieve a significant hydrocarbon discovery offshore in Western Greece. Rigas revealed that the company will begin its first drilling operations in 2027, expecting to obtain the necessary permits by late 2026 and commence drilling in February 2027. This exploration project covers an area of 1,000 square kilometers, marking Greece's first deep-sea exploratory drilling in nearly 40 years.
Rigas emphasized that while Energean hopes to achieve a significant discovery in the area, the company is aware that an unsuccessful first drilling would mean the failure of the entire plan. He stated, "Our goal is to achieve a major discovery, but if the first drilling doesn't succeed, it would be meaningless."
Important Collaboration: US-EU Cooperation to Fill Energy Gaps
Last year, ExxonMobil (XOM) joined Energean and Greece's largest refiner Helleniq Energy (ELPE) to explore gas in the Ionian Sea. This move comes as the US and Europe actively seek energy alternatives following Russia's invasion of Ukraine, especially as Europe urgently seeks to replace Russian gas supplies. According to Rigas, the parties involved in this exploration will collaborate to provide Europe with more stable and diversified energy supplies through this project.
Exploration Expectations: Gas and Oil Potential
Rigas also stated that the estimated potential of the Asopos structure is 6 to 7 trillion cubic feet of gas and oil, with a 16% probability of success. Although the probability is relatively low, Rigas remains optimistic about the project and stated that success will greatly boost the development of the Greek energy market.
Should the exploration succeed, the development plan will include a floating offshore facility connecting the seabed wells to Greece and Italy's energy networks. Rigas further added that Greece's current oil production is minimal, so any gas discovery would directly help the country meet domestic demand and possibly begin exporting gas to Europe.
Prospects for Greek Energy Development:
If the exploration is successful, it will be a major breakthrough in the Greek energy sector, which could not only promote national energy independence but also enhance European energy security, alleviating external dependence. In the coming years, as exploration progresses and permits advance further, Greece may experience full-scale development in its energy industry, injecting new momentum into the country's economic growth.
