ExxonMobil is on track to begin exploratory drilling in the Ionian Sea in the first quarter of 2027, Greek energy officials said Tuesday, marking the country's first offshore hydrocarbon exploration in 40 years.
The timeline was confirmed during a meeting at CERAWeek, the energy industry's flagship annual conference in Houston, between ExxonMobil Vice President John Ardill and Greece's Environment and Energy Minister Stavros Papasavrou and Deputy Minister Nikos Tsafos, with Hellenic Hydrocarbon Resources Management chief executive Aristofanis Stefatos also present.
According to the ministry, the ExxonMobil-Energean-Helleniq Energy consortium has committed to mobilizing all necessary equipment and logistics to begin drilling within 12 months.
Mr. Papasavrou said the project is proceeding on a tight schedule.
On the sidelines of CERAWeek, Mr. Papasavrou addressed Greece's broader role in transatlantic energy architecture at a fireside chat hosted by Rice University's Baker Institute, telling director Kenneth Medlock that Athens is pursuing what he called "energy realism" — balancing renewable development with strategic hydrocarbon exploration.
He warned that Turkish threats of force are unacceptable as instruments of regional policy, and pointed to a Greece-Cyprus-Israel-U.S. energy cooperation framework as a new model grounded in international law.
Mr. Papasavrou also met Ukrainian Deputy Prime Minister Denys Shmyhal to discuss strengthening energy ties and investment opportunities for Greek companies in Ukraine.
The minister is scheduled to meet U.S. Interior Secretary and National Energy Dominance Council chairman Doug Burgum before leaving Houston.