Papasturus: From 14 to 24 February 2027 the first research drilling in the northwestern Ionian Sea

Estimates for the "Dessert" target are for a deposit that can reach up to 270 billion cubic metres of natural gas - In spring 2027 we will know whether to proceed with production or not - Only one plot can generate revenues of €10 billion.

The importance of drilling for the Greek economy, the Minister for Energy and the Environment stressed, Stavros Papastavrou, presenting the timetable for hydrocarbon surveys and its estimates of developments in International energy marketsMr Papastavrou announced the first research drilling in Block 2 in the Northwest Ionian Sea will be carried out by ExxonMobil, Energean and Helleniq Energy from 14 to 24 February 2027. It will be the first research drilling in Greece after 40 years.

Like he said. the Minister for the Environment and Energy, speaking to the SWAI television station, the results of the drilling will require 2 months and according to him, estimates for the 'Easy' target are particularly encouraging. It is estimated that up to 270 billion cubic metres of natural gas may reach a quantity of multiples of the annual consumption of Greece, ranging from 6-7 billion cubic meters. The success rate is set at 16% which for this section of drilling is satisfactory. In the spring of 2027 we will know, said, whether to proceed to production or not.

At the same time, he pointed out that only one plot could generate revenues of EUR 10 billion, regardless of the revenue the company will receive. Drilling, according to the minister, is a strategic priority for the country, strengthening its energy security and autonomy.

Papastavrou stressed that the government is accelerating the national effort to develop hydrocarbons, noting that the presence of ExxonMobil and Chevron in Greece is a sign of confidence in the country's prospects. As she said, Chevron has recently expanded its presence by participating in another concession in the Southern Ionian Sea along with Helleniq Energy.

In concessions south of Crete the process is at an early stage. As he said, the different plots are in different stages of maturation, creating a "knee of maturation" that allows Greece to gradually move towards new research drilling in the coming years.

For urban planningReferring to urban planning he mentioned the need for radical reform. He needs, as he said, a gov.gr for city planning so that it is all in a digital file and not interfere where the human factor. This will avoid ambiguity, inaccuracies and corruption, as ambiguity creates opacity.

For the Middle EastFor developments in the Middle East, Mr Papastavrou noted that the first signs of de-escalation of the crisis are evident, but pointing out that the crucial element is the practical implementation of the agreement announced.

As he explained, since the commitments of the parties involved are respected and de-escalation continues, markets and energy situation will gradually return to more normal conditions in the coming months. He stressed, however, that the effects of the recent turmoil cannot be immediately reversed and that it would take time to absorb the consequences of the crisis fully. At the same time, he stressed that the country has the necessary budgetary resources to support households and businesses if developments do not follow the desired path.

Determination of the role of RES and energy storageThe Minister stressed that the strong penetration of renewable energy sources into the domestic electricity system, which now exceeds 50%, has worked as an important shield against energy turbulence in recent months. According to him, without the contribution of wind and photovoltaic units, pressures on electricity prices would be significantly higher.

As he said, Greece has been recording in recent days of the lowest wholesale electricity prices in Southeast Europe, only remaining countries in Scandinavia and the Baltic. It considered that further deescalation of geopolitical tensions would also contribute positively to the process of the electricity market.

Special emphasis was also placed on the development of storage infrastructure, recognising that the country has fallen behind in this area. As he said, until last March there was no battery connected to the electrical system, while from 1 April the first installations of a total power of 32 MW were put into service. Currently installed power is close to 200 MW, with the aim of reaching 700-800 MW by the end of 2026 and exceeding 1.2 GW by the end of 2027.