Greek Energy and Environment Minister Stavros PapastavrOU confirmed in a recent interview with SKAI that ExxonMobil plans its first exploratory offshore drilling in the Ionian Sea between February 14 and 24, 2027. The results of the operation are expected approximately two months later.
Low success rate, but industry-standard expectations
PapastavrOU noted the estimated success rate for the well is around 16% — a figure he described as ‘quite respectable’ for hydrocarbon exploration. ‘By spring 2027, we’ll have a clearer picture,’ he said. ‘We’ll know whether we’re moving toward production in the coming years — or not.’
Chevron and Helleniq Energy also active in the Ionian
The minister also highlighted the joint presence of Chevron and Greek energy firm Helleniq Energy in the same region, underscoring growing international interest in Greece’s offshore hydrocarbon potential.
ADMEHE’s AMK tender draws strong interest
On the recently concluded Asset Management Contract (AMK) tender for the Independent Power Transmission Operator (ADMEHE), PapastavrOU emphasized strong domestic and international investor interest — while reaffirming that the Greek state will retain full control. ‘We place enormous importance on infrastructure networks,’ he said. ‘Right now, it’s our grids that enable us to strengthen our national energy strategy.’
Middle East agreement signals de-escalation
Asked about the recent Middle East agreement, the minister stressed that implementation remains to be verified. Still, he expressed cautious optimism: ‘It appears we’re heading toward ending hostilities — a very important development — reopening the Strait of Hormuz, and gradual de-escalation. This won’t happen overnight, but if confirmed, we should return to a degree of normality in the coming weeks and months.’
Renewables help stabilize electricity prices
Regarding electricity costs, PapastavrOU pointed to Greece’s expanding share of renewable energy sources as a key factor curbing further price hikes. He noted the country currently has among the lowest wholesale electricity prices in Europe — second only to Scandinavia and Estonia.
Call for radical urban planning reform
On urban development permits, the minister called for a comprehensive overhaul of Greece’s building licensing system, proposing a unified digital platform — a ‘one-stop-shop’ — modeled after the gov.gr portal to streamline approvals and reduce bureaucratic delays.