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The developments were highlighted at the latest meeting of the Eastern Mediterranean Gas Forum, as Greece seeks to strengthen its position as an energy hub and reduce its dependence on imported natural gas.<\/p>\n
Exploratory drilling in Block 2 of the Ionian Sea<\/strong> is scheduled for April 2027 by the Energean, ExxonMobil and Helleniq Energy consortium.<\/p>\n The first results are expected in May and June 2027 and will determine whether natural gas or oil is present at the Asopos 1<\/strong> target identified through seismic surveys.<\/p>\n However, even a positive result would not immediately establish commercial production. Further appraisal drilling would be required to determine the size and commercial viability of any potential deposit.<\/p>\n Energean CEO Mathios Rigas said the area could contain an estimated 270 billion cubic metres of natural gas<\/strong>.<\/p>\n If that estimate is confirmed and the resource proves commercially exploitable, the implications for Greece would be significant, potentially allowing the country to become self-sufficient in natural gas and eventually an exporter<\/strong>.<\/p>\n The Regional Council of the Ionian Islands has already approved the Environmental Impact Study for the Asopos drilling.<\/p>\n A confirmatory drilling programme would require approximately one year, meaning further drilling could take place in 2028. If the results remain positive, around three additional years would then be required to install the infrastructure needed to extract and transport the hydrocarbons.<\/p>\n Under the consortium agreement, ExxonMobil would take over as operator<\/strong> if hydrocarbons are discovered.<\/p>\n The Greece-Cyprus electricity interconnection<\/strong> is also moving forward.<\/p>\n According to sources in both countries, the issuance of a new NAVTEX for the continuation of seabed surveys is expected within days.<\/p>\n The same sources stressed that the surveys will proceed without seeking permission from Turkey<\/strong>.<\/p>\n The European Investment Bank is also expected to complete its feasibility assessment for the project, while Cyprus is preparing to pay a \u20ac25 million instalment to IPTO<\/strong> towards expenses already incurred.<\/p>\n The project remains strategically important for connecting Cyprus to the European electricity grid through Greece.<\/p>\n Work is also continuing on the Vertical Natural Gas Corridor<\/strong>, which is designed to strengthen the movement of gas between southeastern Europe and the wider European market.<\/p>\n Countries participating in the project are currently collecting data that will determine where additional investment is required to strengthen existing networks.<\/p>\n The objective is to ensure sufficient capacity to meet demand from 2027, particularly as the European Union moves towards ending imports of Russian natural gas.<\/p>\n A new meeting of the natural gas transmission system operators involved in the project is scheduled to take place in Sofia in January<\/strong>.<\/p>\n DESFA CEO Maria Sferoutsa said efforts are also focused on maximising the efficiency of existing infrastructure before new networks are built.<\/p>\n The GREGY electricity interconnection between Greece and Egypt<\/strong> was also among the projects supported by both countries.<\/p>\n The proposed connection would strengthen electricity links between Greece and Egypt while potentially allowing renewable energy generated in Egypt to reach European markets through Greece.<\/p>\n Another major project discussed was the development of carbon dioxide storage at the depleted Prinos field<\/strong>.<\/p>\n Energean is leading the investment, with the floating platform that will be used for injecting carbon dioxide currently located in Perama.<\/p>\n According to company sources, the platform is expected to arrive in the Kavala maritime area in November<\/strong>.<\/p>\n The wider infrastructure is scheduled for completion by 2030<\/strong> and will include facilities for receiving and processing liquefied carbon dioxide, as well as drilling and injection infrastructure.<\/p>\n In the meantime, industries producing significant carbon emissions are expected to make investment decisions on the collection and transportation of CO\u2082 to Prinos.<\/p>\n Egypt, which has substantially greater potential carbon storage capacity, has reportedly also requested technical assistance from Greece on establishing a carbon storage market and developing the necessary regulatory framework.<\/p>\n For Greece, the projects underline the country\u2019s expanding role in the Eastern Mediterranean energy network<\/strong>, spanning natural gas exploration, electricity interconnections, regional gas infrastructure and carbon capture and storage.<\/p>\n <\/p>\nGreece and Cyprus prepare to resume seabed surveys<\/h3>\n
Vertical Gas Corridor prepares for 2027<\/h3>\n
Greece-Egypt electricity link gains momentum<\/h3>\n
Prinos prepares for carbon storage<\/h3>\n