Greece is preparing for its first offshore hydrocarbon drilling in the Ionian Sea and south of Crete, according to the 2024 annual report by the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA). Decisions on launching deepwater exploration in two to three blocks are expected within the next two years, signaling a major step in the country’s push to tap into domestic energy resources.
The report provides a detailed overview of progress in hydrocarbon exploration, carbon capture and storage (CCS), and offshore wind energy projects. It emphasizes that work on active concession areas has accelerated over the past two years, particularly in five marine blocks: Block 2 (northwest of Corfu), Block 10 (Kyparissiakos Gulf), Ionian, Southwest Crete, and West Crete.
HEREMA projects that investment decisions for exploratory drilling in these blocks could be finalized by 2026–2027. If confirmed, and if drilling yields commercially viable quantities of natural gas, Greece could begin its first domestic production—aside from the long-producing Prinos field—within this decade. The agency even envisions the potential for initial gas output by the end of 2030.
Exploration Timelines and Concession Updates
Southwest Crete:
A 3D seismic survey was completed in early 2024 by ExxonMobil and HELLENiQ ENERGY, which entered the second exploration phase in October.
West Crete:
The same consortium received a six-month extension, renewed in April 2025 for another year, to further analyze seismic and geological data.
Block 2 (Ionian Sea):
Energean and HELLENiQ ENERGY were granted two consecutive 12-month extensions in 2024 and 2025 to develop logistics infrastructure and seek a co-investor for drilling.
Growing International Interest: Chevron Steps In
Chevron’s interest in offshore areas south of Crete and the Peloponnese is adding strategic momentum to Greece’s energy push, according to HEREMA’s latest report. Talks between the U.S. giant and Greek authorities have been ongoing since 2022, highlighting rising international interest in the country’s hydrocarbon prospects.
Estimated Gas Reserves: A Potential Game-Changer
HEREMA estimates Greece’s untested offshore gas reserves at around 24 trillion cubic feet, enough to meet domestic demand for decades. If confirmed, the country could become a net gas exporter by the late 2020s, boosting energy independence and strengthening its role in the Eastern Mediterranean.
