The Vertical Gas Corridor is emerging as a comparative advantage for attracting investment in hydrocarbon exploration and production in Greece, as it ensures that any deposits discovered can be channelled to international markets.

At present, the Vertical Gas Corridor—comprising LNG reception and regasification infrastructure in Greece and interconnecting pipelines with countries in Southeast Europe—is being promoted as a key option for replacing Russian natural gas, which under the current EU framework is set to cease entering the EU by the end of 2027. However, if commercially viable deposits are discovered in Greece, this corridor could also serve as a conduit for exporting gas volumes—provided they are confirmed—that exceed domestic consumption needs.

On both fronts—the Vertical Corridor and hydrocarbon exploration—significant developments and milestones are expected in the coming period, shaping the country’s energy landscape and that of the wider region.

The process begins this week, with the signing of contracts between the Greek State and the Chevron–Helleniq Energy consortium on Monday, 16 February 2026, for the launch of exploration activities in the offshore blocks “South Peloponnese,” “A2,” “South of Crete I,” and “South of Crete II.”

Next milestones:

• Start of seismic surveys in the four areas toward the end of the year.
• Drilling of an exploratory well in “Block 2” in the Ionian Sea by the ExxonMobil–Energean–Helleniq Energy consortium. This will be the first drilling operation in Greece in 40 years and the first ever in deep waters.

Regarding the Vertical Gas Corridor, strong expectations are building for its substantial activation following consultations scheduled for 24 February in Washington, with the participation of representatives from regional countries and the European Commission.

The aim of the meeting is to remove obstacles that so far prevent the transport of significant natural gas volumes through Greece northwards, ultimately reaching Ukraine.

If transport costs through the Greek system are reduced, the corridor will expand further. Moreover, the implementation of the ban on Russian natural gas imports into the EU by the end of 2027 is expected to give decisive momentum to the project, as it will create a substantial supply gap in the region.