Greece launches gas drilling in Ion, to a depth of 4600m and possible amount to 270 billion cubic metres

The potential revenues for the Greek state from the bloc's commercial exploitation of 2 in the Ionian Sea over a 20-year period are expected to reach 10 billion euros, without requiring direct financial participation by the Greek state from state sources.

This was declared during the signing ceremony between the ExxonMobil consortium, Energean, Helleniq Energy and Stana Drling, which will undertake the 60-day drilling programme by Mathios Riga, Executive Director of Energy.

Present at the event were the ambassadors of the United States in Greece, Kimberly Guilfoyle, and Sweden's Hékan Emsgödn.

The head of the Greek company, which is also the operator of the bloc 2, said that by 15 June, the project's environmental study would have been presented to the Ministry of Environment and Energy in order to be approved by mid-November, which would allow the drilling programme to begin in February 2027.

At the same time, the total investment rated at over 5 billion euros is expected to act as an increase permit for the Greek economy. The creation of 180 new jobs, both during the construction phase and during the operation of projects, will strengthen local communities and contribute to the reduction of unemployment”, inform “Protothema”.

As mentioned by Riggas, the company is now aiming at a broad geologic structure, which it characterises as particularly promising. The estimates speak of reserves that could reach 270 billion cubic metres of natural gas. By comparison, Greece's annual consumption is approximately 6 billion cubic metres, which highlights the potential importance of detection.

As it said, the probability of drilling success is 16%, a percentage considered common for projects of this type. The investment risk, however, is taken over entirely by the company.

The planned drilling will take place at a depth of approximately 4,600m, in a sea area at a depth of 840m, making the project technically difficult.

According to data released, in recent years Energean has invested over 4 billion euros in the Eastern Mediterranean for development of oil and gas deposits.

At the same time, more than 10 deep - water drillings have been conducted, indicating the high level of expertise and experience.