The drilling agreement for Block 2 in the Northwestern Ionian Sea was signed on April 15, in the presence of the Minister of Environment and Energy, Mr. Stavros Papastavrou, between Energean (as operator of the ExxonMobil – Energean – HELLENiQ Energy consortium) and Stena Drilling.
The event was attended by the CEOs of Energean, Mr. Mathios Rigas; Stena Drilling, Mr. Erik Ronsberg; and HelleniQ Energy, Mr. Andreas Shiamishis, as well as the Ambassadors of the United States, Ms. Kimberly Guilfoyle, and Sweden, Mr. Håkan Emsgård.
During the event, held at the Ministry of Environment and Energy, Mr. Papastavrou stated:
“This is a historic moment for our country, as we implement the national strategy of Prime Minister Kyriakos Mitsotakis to strengthen energy security and accelerate the development of the hydrocarbons sector. It brings to fruition decades of planning, studies, and expectations.
It is historic because, as of today, we begin the countdown, measured in months and days, toward mid-February 2027. In approximately 300 days, Greece will carry out its first offshore exploratory drilling in nearly half a century, at the ‘Asopos-1’ target in the Northwestern Ionian. The name ‘Asopos-1’ carries strong symbolism, linking our country’s modern energy efforts with its rich mythological heritage.
This moment is also historic because, should the strong indications of natural gas at the Asopos-1 site be confirmed and prove commercially viable, it could drive a significant leap in economic growth and geopolitical strength for Greece. The country would become more energy-resilient, with substantially increased public revenues—at least 40% of profits will accrue to the state—alongside more and higher-quality jobs, enhanced technical expertise, and new investments in infrastructure. Fully aligned with the highest environmental standards and supported by cutting-edge technology, all activities will be carried out with the utmost respect for ecosystems and local communities.”
The U.S. Ambassador to Greece Ms. Kimberly Guilfoyle stated:
“The collaboration between ExxonMobil, Energean, HelleniQ Energy, and Stena is a powerful example of what our partnership can achieve. It brings together American innovation, Greek expertise, and Swedish technology, demonstrating that when the United States and its closest allies work together, we deliver real results.
Today’s agreement reflects our shared commitment to strengthening energy security and diversifying supply sources, both now and in the future. It also underscores our confidence in Greece’s economic trajectory, its transparent regulatory framework, and the strong ties between American and Greek businesses.
This drilling agreement highlights the opportunities the region has to offer and reinforces Greece’s role as a reliable energy partner and a pillar of stability. Today’s signing does not mark the end of a process; it marks the beginning of a new chapter, defined by closer cooperation, greater ambition, and tangible results.”
HelleniQ Energy CEO, Mr. Shiamishis, emphasized:
“Today is a significant day because it represents, in essence, one step in a marathon journey. This is not something achieved through occasional announcements or statements. It is a process that requires considerable time to come to fruition. I believe that, at the very least, the current Minister has demonstrated in practice that he understands the framework within which we operate.
Naturally, the discovery of hydrocarbons, whether natural gas or oil, carries substantial importance in itself, and even more so when combined with additional potential opportunities for exploration and the discovery of new reserves. These efforts are undertaken in collaboration with partners who are among the world’s leading companies. ExxonMobil and Chevron are organizations that can bring significant added value to Greece, regardless of whether discoveries are ultimately made. The value they contribute is undeniable.
The issue of energy security, highlighted earlier by both the Minister and the U.S. Ambassador to Greece, is one we continually face. Whether we like it or not, it will inevitably return to the forefront.”
The Ambassador of Sweden to Greece, Mr. Håkan Emsgård, noted:
“Our presence here today is closely linked to Greece’s success over the past decade. The country has achieved stable economic growth that exceeds that of most European countries. This success is equally evident in the energy sector, where Greece has freed itself from past energy dependencies. Greece is now a net exporter of electricity. This is an impressive achievement. The country is developing into an energy hub in the Eastern Mediterranean. The project we are discussing today constitutes a significant indication of this course. This is only the beginning—the beginning of something that has enormous prospects for all of us.”
