With strong card the American support of its position in the promotion of the energy disengagement of Europe from Russia, but also in the search of new energy sources in the Greek EEZ, Greece now claims upgraded role in the under re-arrangement energy map, but also in the new security architecture of Europe.

The two-day Summit of the Transatlantic Cooperation for Energy at Zappeion was the most important confirmation of this American support, which constitutes a vote of confidence of Washington toward Greece and proof of the active implementation of the strategic relationship of the two countries, which acquires ever greater not only business, but also geopolitical footprint.

The strategic relationship Greece – USA is no longer exhausted only in the very important defense cooperation, with the upgraded role of Souda and the other military facilities that our country offers, but is expanded also into new dynamic fields, such as energy and infrastructures, which concern major strategic choices of the United States and the West.

A process which renders Greece key-player in this new scene, while at the same time offers opportunities to large Greek companies of the sectors of energy, constructions, shipping and services to develop joint actions with respective American companies, and indeed with the support of the American state.

Strategic plans

For Greece it is extremely important that this upgrading of its role, regarding the strategic and energy plans of the USA and of the West, strengthens its diplomatic and political position and can constitute a strong barrier against external designs that could disrupt or put in danger these big energy plans.

In this direction must the Greek government focus its efforts, so that these big agreements translate also in enhancement of the shielding of the country, with the support from strong alliances for the protection also of the “common interests”.

Closing

The framework in which now this cooperation moves includes:

■ The development of the Vertical Gas Corridor for the transfer of LNG toward Central and Eastern Europe, with initial entry gates Revithousa and the FSRU of Alexandroupoli. A plan which in its development will require new big infrastructures with the cooperation of strong American business groups and Greek companies in the sectors of energy and constructions, but also the active presence of the Greek-owned commercial shipping which timely has invested in LNG carrier ships.

■ The involvement of ExxonMobil in the utilization of Block 2, west of Corfu, with the acquisition of majority package in the specific block and the programming of drillings in the immediate upcoming period.

■ The revival and warming up of the “3+1” scheme with field of action the Eastern Mediterranean, which has intense geopolitical dimension, as it aims at the interconnection Asia – Europe through Israel – Cyprus – Greece and the preparation of the necessary infrastructures for the implementation of IMEC (India-Middle East-Europe Corridor).

The conjuncture is extremely favorable for Greece. The full dominance of the Trump doctrine “Drill, baby, drill” and the retreat of the “green transition” have led to re-appearance of the oil giants, which, after the awkwardness of the last years, return dynamically seeking to secure access to new deposits, while still is prolonged the policy of “abandonment” of hydrocarbons.

Test drilling

ExxonMobil did not enter Block 2 randomly, but only after the studies of the results of the researches that have been conducted in the area (by TGS) provided data for the existence of significant natural gas deposit. The real size and its commercial exploitation remains, of course, to be proven by the test drilling, which the oil giant has undertaken to carry out by 2027.

It is not known yet if the entrance of ExxonMobil into Block 2 will affect its design for the start of test drilling in the blocks southwest of Crete or if there will be planning so that Crete follows the Ionian.

Surely, the surprising move of ExxonMobil provokes the reflexes of its big competitor Chevron, which now has every reason to accelerate the procedures for the research in the blocks southeast of Crete.

ExxonMobil has shown that it seeks the strong presence in the Eastern Mediterranean, as the existing but also the under search deposits can cover the energy needs of the region, something which for countries such as Egypt has enormous significance for their stability, and at the same time to constitute also alternative energy source for Europe.

Last week, ExxonMobil announced the start of research in Egyptian block adjacent to the large Zohr deposit, exactly at the delimitation line of the EEZ between Egypt and Cyprus. It had already announced in July the identification of second natural gas deposit, “Pegasus I”, in Block 10 of the Cypriot EEZ.

What the Trump doctrine “drill, baby, drill” brings: Greek EEZ, American giants and mega deals €30 billion Washington – Athens

The Vertical Corridor

The Vertical Corridor has extremely geopolitical importance, as it constitutes a reliable alternative energy source for Central and Eastern Europe, with large possibilities of increasing the passing through quantity of natural gas which will arrive in Greece in the form of LNG.

However, with the dynamic entrance of Greece in the LNG market is secured not only its energy security, but also the distribution of the cost for the maintenance and widening of the networks and infrastructures. This, as market actors point out, has positive consequences also in the maintenance of the lower energy prices for domestic consumption.

As for the revival of the “3+1” cooperation, it is about an important step which comes at the dawn of the end of the war in Gaza, in a period which is expected to mark – even if with enough obstacles – the return of Israel to the regional cooperation, something which is a basic pursuit of American president Donald Trump.

The four Energy ministers Stavros Papastavrou, Giorgos Papanastasiou, Eli Cohen and Chris Wright sent a very positive message for the cooperation of the countries in the energy becoming of the Eastern Mediterranean, as factor not only for the energy security of the region, but also as possible alternative energy source for Europe.

It also has particular importance the support of the United States which undertook to release publicly also the joint statement of the “3+1” scheme on the interconnection projects, which may have the gaze turned to IMEC, but concern also the implementation of the agreement of selling Israeli natural gas toward Egypt, while they cover also the electric interconnections, with first the GSI cable, which remains frozen due to differences in regulatory level, but mainly because of the geopolitical risk that stems from the negative stance of Turkey.

It has interest, however, that the Israeli Energy minister Eli Cohen not only re-confirmed his support to the electric interconnection, but re-brought in public discussion also the possibility of re-examination of the study for natural gas pipeline from the Eastern Mediterranean toward Greece, in a revival of the EastMed plan, which had received the coup de grace from the previous American government in 2022, with invocation of its non economic viability, but also the geopolitical reactions that had been expressed then also from Turkey.

Turkey

The clear reference of prime minister Kyriakos Mitsotakis, the day before yesterday, Friday, from the podium of Zappeion, with which he addressed both the American ministers and his European counterparts highlighted the hole that remains open for the breaking of the embargo on Russian natural gas with the tolerance that is being shown toward Turkey.

“We must impose the ban; we cannot allow Russian oil to enter Europe from the back door, through Turkey,” the prime minister said characteristically.

Turkey, with the undersea pipeline TurkStream (capacity 31.5 billion cubic meters annually), which was designed in 2016 and was set into operation in 2020, sought to strengthen its position as hub of energy transfer toward Europe channeling also Russian natural gas, beyond the gas from Azerbaijan that was arriving in Europe through TANAR.

This project constituted also an ambitious plan of Moscow so as to have also second exit toward Europe and to disengage from Ukraine, through the territory of which were passing the existing pipelines. Turkey also receives Russian natural gas and from the smaller capacity pipeline Blue Stream (16 billion cubic meters annually).

Turkey, with the TurkStream pipeline, has secured large quantities of natural gas for its internal needs at preferential prices and simultaneously secures significant profits from the transit fees of the Russian natural gas.

Despite the restrictions that have been imposed on the import of Russian natural gas due to the war in Ukraine and the sanctions that are being promoted also by the United States under presidency Trump in order to deprive significant resources from the Russian war machine, Turkey continues until today to benefit from this transaction with Moscow.

From the beginning of the year until July had been transferred to Turkey 12.7 billion cubic meters of Russian natural gas, showing increase 26.4% in relation to the corresponding period of 2024, while until October, through TurkStream, quantity 13 billion cubic meters of Russian natural gas was transferred. In 2024 the total exports of Russian natural gas toward Turkey amounted to 21.5 billion cubic meters.

Turkey, however, has attempted to anticipate the developments and to take position in the LNG market, both for the covering of its own needs and to appease possible American reactions regarding the maintenance and indeed in high rhythms of the energy relationship it has with Moscow.

The pursuit of Ankara

The country already has LNG import facilities of total capacity 58 billion cubic meters annually, sufficient to cover fully its demand, including the floating terminal stations at Dortyol and at Saros. Its pursuit is to be able to re-export LNG toward Europe, something that will render it regional energy hub, in combination with the role it had until now through the pipelines that were transferring to its territory Azeri and Russian natural gas.

In order to satisfy also the American side, the state energy company BOTAS signed in September 20-year contract with Mercuria for import of approximately 4 billion cubic meters of American LNG annually from 2026. At the same time, it signed also preliminary agreement with the Australian Woodside Energy for supply of approximately 5.8 billion cubic meters of LNG in period nine years, beginning 2030.