Potential revenues for the Greek state from the commercial exploitation of Block 2 in the Jon Sea over a 20-year period are expected to reach €10 billion, without requiring direct financial participation from state funds.
This was announced during the signing ceremony of the contract between a consortium consisting of ExxonMobil, Energean, Helleniq Energy, and Stena Drilling, which will undertake a 60-day drilling program. The announcement was made by Mathios Rigas, CEO of Energean.
Also present at the event were the U.S. Ambassador to Greece, Kimberly Guilfoyle, and Sweden’s ambassador, Hakan Emsgard.
The head of the Greek company, which is also the operator of Block 2, stated that by June 15, the project’s environmental study will be submitted to the Ministry of Environment and Energy, with approval expected by mid-November, allowing the drilling program to begin in February 2027.
“At the same time, the total investment estimated at over €5 billion is expected to act as a growth driver for the Greek economy. The creation of 180 new jobs, both during the construction and operational phases, will strengthen local communities and contribute to reducing unemployment,” reported Protothema.
According to Rigas, the company is targeting a large geological structure considered particularly promising, with estimated reserves of up to 270 billion cubic meters of natural gas. For comparison, Greece’s annual consumption is approximately 6 billion cubic meters, highlighting the potential significance of the discovery.
As noted, the probability of success for the drilling is estimated at 16%, a figure considered typical for projects of this kind. However, the investment risk is fully borne by the company.
The planned drilling will take place at a depth of approximately 4,600 meters, in a maritime area with water depths of around 840 meters, making the project technically challenging. In recent years, Energean has invested over €4 billion in the Eastern Mediterranean for the development of oil and gas fields, carrying out more than 10 deep-water drilling operations demonstrating a high level of expertise and experience.
