
The first drilling is expected to take place at the land concession of Ioannina and the sea “block 2” located Northwest of Corfu, which will give the first picture of the size of the natural gas deposits in Greece.
Energean and Hellenic Petroleum are putting metal to the pedal… for the arrival of the drilling rigs, while the intentions of the French TotalEnergies, which is the agent of the joint venture with ExxonMobil and Hellenic Petroleum, remain unknown for the time being and have leased its most promising blocks of Crete.
In detail and according to what became known during yesterday’s meeting under the Prime Minister, the roadmap of actions by region is as follows:
Block “Ioannina”. The first drilling, as it became known by the Prime Minister himself and the head of Energean, will take place in mid-2023 at the land concession of Ioannina. It is the most mature area compared to the other five. The company that has leased this block has completed the seismic surveys and other preliminary work and is planning a research drilling. If exploitable deposits are found then in 2024 its development will proceed. It is noted that “Ioannina” has been granted since 2014.
«Block 2 – NW of Corfu “. The concession has been leased by Energean (75%) and HELPE (25%). In the winter period 2022 – 2023, direct three-dimensional seismic surveys are planned in order to get closer to the time of the first drilling, in 2024.
Blocks “Ionian” and “Kyparissiakos”. Both concessions have been leased 100% by Hellenic Petroleum. Two-dimensional seismic surveys have already been carried out. By the end of 2022, the targets of interest will have been identified so that in 2023 three-dimensional seismic readings will be obtained and in 2024 the first exploratory drilling will take place.
Blocks “West of Crete” and “Southwest of Crete. The two marine “plots” are the most ambitious in terms of the existence of large quantities of natural gas, however they are the least “mature” investment blocks. The acquisition of two-dimensional seismic data is required immediately. The target is for the winter period 2022 – 2023. The two concessions have been leased by the TotalEnergies consortium (40% representative), ExxonMobil (40%) and ELPE (20%). As NEA and OT wrote last weekend, TotalEnergies is said to be redesigning its investment plans in relation to its fate in the specific maritime concessions.


Latest News

Greece Faces Renewed Fears of Water Crisis Ahead of Summer 2025
Following a prolonged drought that began in 2024, fears of a water crisis highlight the urgent need for infrastructure improvements

Harvard, Yale, Columbia, and More Seek Collaboration with Greek Unis
Greece's former Minister of Education Kyriakos Pierrakakis announces an €82 million funding boost to support the partnerships

Greek Government Reshuffle Brings in More Young Technocrats
Greek PM Mitsotakis has brought in younger leaders and technocrats in a bid to accelerate the government's efforts at modernization and efficiency, according to New Democracy insiders

Greece’s New Government Members Sworn in at Presidential Mansion
Greece's new government members were sworn in on Saturday morning and head straight to work through the first meeting of the new cabinet.

Moody’s Upgrades Greece to Investment Grade, Ending Crisis Era
The rating agency raised Greece’s long-term credit rating to Baa3 from Ba1, with a stable outlook.

EFET on World Consumer Day: Humanity Faces New Challenges
This year’s message emphasizes the need for a transition to sustainable lifestyles while safeguarding consumers’ legally recognized rights. This means ensuring access to essential goods such as food and energy, as well as health and safety.

Athens Hotels Lead Europe in Value Growth for Third Year
Over the entire period from 2015 to 2024, the average annual increase in hotel value was 6.1%.

Unemployment Rate in Greece Down 8.9% in January: IOBE
The unemployment rate in Greece recorded a further decline in January 2025, reaching 8.9%, according to the latest Foundation for Economic & Industrial Research (IOBE) report.

Demand for Short Term Rentals in Greece Surges Ahead of Easter
Among the most popular Easter destinations from Good Friday to Easter Monday are Corfu, Hydra, the Peloponnese, Ioannina, Patmos, Loutra Edipsou, Kavala, Thassos, and Pelion

Opposition Reacts Strongly to Greek Government Reshuffle
PASOK's spokesperson, Kostas Tsoukalas, characterized the reshuffle as a clear indication of Mitsotakis' "strategic deadlock."