The developments marking Greece’s return to the hydrocarbon exploration map—following ExxonMobil’s entry with a 60% stake in the Energean–HelleniQ Energy joint venture for Block 2 in the Ionian Sea—were discussed by Katerina Sardi, CEO and Country Manager of Energean Greece, speaking at the OT Forum with journalists Christos Kolonas and Alexandros Klossas.
“I am very pleased with yesterday’s agreement,” said Ms. Sardi, explaining that the exploration concession lies west of Corfu, between Greece and Italy, and at its outer edge touches the two countries’ Exclusive Economic Zones (EEZs).
“It is important that Block 2 has been extensively explored,” she emphasized, noting that comprehensive seismic surveys using the latest technologies have been carried out, the drilling site has been identified, the process has advanced significantly, and a decision has been made to proceed with an exploratory drilling.
It should be noted that over the past twenty years, the only offshore drillings carried out have been at Prinos, by Energean.
A dual-significance agreement
Ms. Sardi underlined that the agreement signed has dual significance: first, that ExxonMobil, the oldest and largest hydrocarbon company, supports this important endeavor; and second, that ExxonMobil reviewed Energean’s studies and concluded that Block 2 holds great potential.
In response to a related question, she stated that the first exploratory drilling is expected by the end of 2026, or no later than early 2027, noting that the licensing process must first be completed.
When asked whether there are any commitments from the government regarding this matter, she replied: “As you saw yesterday, the government supports this agreement. It has discussed the need to focus and see what hydrocarbon resources exist in Greece.”
She also estimated that, according to the studies conducted, the potential resources amount to approximately 200 billion cubic meters.
Regarding the timeline for production, she added: “Realistically speaking, I don’t believe it will be before the mid-2030 to 2035 period.”
The agreement with Italy
Ms. Sardi went on to mention the application submitted to the Italian authorities for a concession on the Italian side, expressing optimism: “We are on the right track. What’s very important here is that this block lies between two EU countries—Greece and Italy. That makes a huge difference. We do not face the kinds of issues that would arise if this were between Greece and a third country outside the EU.”
Regarding operations in Israel, she noted that Energean produces gas covering 50% of Israel’s demand while simultaneously developing a new field, Katlan. She also revealed that the partnerships and synergies in Israel will support the exploratory drilling in Block 2.
Ms. Sardi added that the company has already submitted a proposal for a pipeline to transport natural gas from Israel to Cyprus: “We have submitted this proposal. The pipeline can easily and quickly supply Cyprus with natural gas. The gas exists — we know it, we are already producing it. It just needs to be transported.”
She even disclosed that she has in her office a study on natural gas transport to Cyprus dating back to 1996.
The green economy
When asked whether the green transition changes Energean’s strategy, she was categorical: “Nothing changes in our planning and strategy. The green transition does not take a back seat. The issue is different: the European Commission has realized that member states cannot move at the pace some had envisioned.”
“We are not talking about electricity, but about energy. Only 30% of what we call energy refers to electricity,” she explained, outlining a crucial threefold focus:
“Green transition, security of supply, and energy that remains affordable—for both households and industry. We continue to move forward within this framework.”
The Prinos project
As for the storage project in Prinos, she emphasized that it is expected to support the industry’s decarbonization efforts, explaining that it is not a new technology: “In the Prinos field, where water was previously injected, we will now inject liquefied carbon dioxide (CO₂).”
She revealed that the company is currently conducting 17 tenders, awaiting permits, and has already signed 15 non-binding memoranda covering 6 million tons of CO₂.
OT FORUM - Η ΕΠΙΧΕΙΡΗΣΗ ΤΟΥ ΜΕΛΛΟΝΤΟΣ
6 και 7 Νοεμβρίου 2025 | Μικρό Χρηματιστήριο
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