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Greece Advances Hydrocarbon Exploration and Regional Energy Links
Greece is expanding offshore drilling, increasing renewable generation, and building pipeline and LNG infrastructure. The country is also deepening energy ties with the United States, Cyprus, and Israel.
May 27, 5:50 PM·1m read1 source
Atlantic CouncilAudio version
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Greece has signed a drilling contract for Block 2 in the Northwestern Ionian Sea between Energean, ExxonMobil, HELLENiQ ENERGY, and Stena Drilling. The agreement sets offshore exploratory drilling to begin in February 2027.
The contract was signed in April in the presence of the ambassadors of the United States and Sweden. Greece has also scheduled new seismic surveys south of Crete.
Renewable sources now supply more than 50 percent of Greece’s electricity, up from a system once dominated by lignite. The government plans to pair renewables with natural gas, storage, and grid upgrades.
Greece is investing in LNG terminals, interconnectors, pipelines, and compressor stations to move gas from the United States and other suppliers into Southeast Europe. The projects aim to reduce reliance on Russian gas.
Greece, Cyprus, Israel, and the United States reaffirmed cooperation at the Partnership for Transatlantic Energy Cooperation conference in Athens. The 3+1 framework supports joint projects and regional stability. Greece’s stated policy combines continued decarbonization targets with domestic resource development and diversified supply routes.
