In a clear message to those viewing hydrocarbons as a relic of the past, Andreas Siampis, CEO of Helleniq Energy, stressed that despite ongoing electrification and the global energy transition, hydrocarbons will remain a vital part of the world’s energy mix. Speaking at the company’s annual general meeting on Thursday, 25 June 2026, Siampis stated: “Anyone who thinks hydrocarbons have no future will run out of energy.”
Exploration milestones expected by 2027
Siampis confirmed that, assuming current plans proceed as scheduled, shareholders will receive results from the drilling campaign in Block 2 — located in the northwestern Ionian Sea — at next year’s general meeting in 2027. Seismic data from areas south of Crete and the Peloponnese will also be available by then.
Strategic partnerships and investment scale
The CEO highlighted Helleniq Energy’s long-standing exploration collaborations with U.S. majors ExxonMobil and Chevron. These joint efforts, launched years ago, are designed to share technical and financial risk. He noted that drilling up to 10 wells in Block 2 could cost up to $1 billion — with each individual well estimated to cost between $60 million and $100 million. Drilling is set to begin in early 2027.
Siampis also announced that Helleniq Energy intends to request an extension of the exploration period for its ‘Ionian’ block, located west of Epirus. This remains the only block where Helleniq holds sole operatorship — meaning it will continue exploration independently, without a partner.
Hydrocarbons still central to global energy supply
Addressing growing skepticism around conventional energy sources, Siampis emphasized that hydrocarbons are projected to make up 32% of the global energy mix by 2050. That share reflects persistent — and rising — global energy demand, even amid rapid electrification and policy-driven transitions.
Growth targets and financial strategy
Reviewing recent performance, Siampis noted that the company’s value has more than doubled since 2024 — all without raising new capital from shareholders. However, he acknowledged that equity financing may become necessary at some point in the future.
Looking ahead, Helleniq Energy aims to increase its EBITDA from €1 billion today to €1.5 billion within the next five to ten years. This growth will be driven by investments across multiple fronts: refining infrastructure, hydrocarbon exploration, natural gas, and renewable energy projects.
Energy security and market stability
Siampis underscored Helleniq Energy’s role in safeguarding Greece’s energy security during international crises — contrasting the country’s stable fuel supply with shortages experienced elsewhere in Europe, particularly in aviation fuel. On pricing, he clarified that Greek consumers pay energy prices broadly in line with European averages — adding that while energy is not cheap, price adjustments tend to lag, falling slowly and rising quickly.