Greece Targets First Offshore Gas Drilling in 50 Years by 2027

reece is aiming to launch its first exploratory offshore drilling operation in 50 years during the first quarter of 2027, Environment and Energy Minister Stavros Papastavrou said in an interview with the Greek public broadcaster ERT on Monday, May 18.

Papastavrou described Greece as playing an increasingly prominent role in the global energy landscape and said the government was accelerating efforts to move forward with hydrocarbon exploration. He noted that discussions with the chief executive of HelleniQ Energy, suggested drilling activity could even begin earlier than expected. According to the minister, the government was carrying out all necessary regulatory procedures to allow the consortium involved in the project to proceed.

He said the consortium estimated that the Block 2 offshore concession could contain up to 270 billion cubic meters of natural gas, potentially generating around 10 billion euros in revenues for the Greek state and taxpayers. If commercially viable, he argued, the discovery could unlock substantial national wealth, strengthening the country’s economic position.