The first offshore exploration well in 40 years in the Ionian Sea is on track to proceed, with drilling expected to begin in the first quarter of 2027 as part of the plans of the ExxonMobil–Energean–Helleniq Energy consortium.

The development was discussed during a bilateral meeting between Minister of Environment and Energy Stavros Papastavrou, Deputy Minister Nikos Chafos, and ExxonMobil Vice President John Ardill, held on the sidelines of the second day of the CERAWeek energy conference in Houston.

The meeting was also attended by Aristophanes Stefatos, CEO of EDEYEP, and focused on the project’s implementation timeline.

Drilling to proceed within 12 months

The consortium aims to complete all necessary preparatory steps — including the mobilization of required exploration equipment — so that drilling can begin within 12 months.

Earlier, Papastavrou spoke at the Baker Institute at Rice University in a discussion with the Institute’s Director, Kenneth Medlock. During the discussion, he highlighted Greece’s role in the transatlantic energy architecture, stressing that “the development of the hydrocarbons sector is part of the energy realism strategy of the Kyriakos Mitsotakis government.”

“Turkey’s threats cannot be accepted”

Responding to a question about Turkey’s stance, the minister stated that threats of violence are unacceptable and cannot be used as a policy tool. He emphasized that regional cooperation must be based on respect for international law, trust, and credibility. In this context, he noted that “the 3+1 cooperation scheme between Greece, Cyprus, Israel, and the United States represents a new model of collaboration grounded in respect for international rules and institutional understanding.”

At the same time, he attributed the stabilization of energy prices in Greece — despite the crisis in the Middle East — to the country’s diversified energy mix, particularly the increased share of renewable energy sources. He added that the strategy for hydrocarbon exploration and exploitation is part of the same broader framework of “energy realism.”

Meeting with Ukraine’s Deputy Prime Minister

On the sidelines of the conference, Papastavrou also met with Ukraine’s Deputy Prime Minister Denys Shmyhal, where they discussed strengthening energy cooperation and investment prospects for Greek companies.

Finally, the Minister of Environment and Energy, together with the Deputy Minister, is scheduled to meet on Tuesday with U.S. Secretary of the Interior and Chairman of the Energy Sovereignty Council Doug Burgum during the CERAWeek conference.