Greece's Hellenic Hydrocarbon Management Company has outlined a strategic plan for hydrocarbon exploration involving ten drilling operations scheduled between 2027 and 2032. The initiative is contingent upon conducting seismic surveys that could reveal promising targets worth the investments, which total approximately 1 billion euros for these operations. The aim is to commence production in 2032, marking a significant commitment to expanding national energy resources.

Last week, data presented during the signing of concession agreements for four areas south of Crete and the Peloponnese indicated that the Ionian Sea's 'block 2' is currently the most advanced area for exploration and extraction. This block saw ExxonMobil entering last year alongside Helleniq Energy and Energean, highlighting the increasing interest and collaboration among international energy firms in the region. The exploratory drilling in the Ionian is set to start by early 2027, enhancing Greece’s position as a key player in the Mediterranean energy landscape.

As Greece embarks on this ambitious hydrocarbon exploration program, the potential impacts on energy independence and economic growth are significant. Successful drilling could bolster the country's energy production capabilities, drive investments, and create jobs. However, it also brings challenges regarding environmental concerns and requires careful management to balance economic interests with ecological preservation in these sensitive regions.