Greece has officially welcomed what it describes as a historic energy agreement with American energy giant ExxonMobil, potentially marking the country's first offshore drilling project in four decades.
A New Chapter in Greek Energy
Prime Minister Kyriakos Mitsotakis celebrated the agreement, stating it would open "a new chapter in Greece's energy history". This development follows closely after another significant exploration deal with Chevron that was finalized last month.
The Greek government has been actively working to establish the country as a crucial hub for gas deliveries to Europe. This strategic move aligns with Washington's ongoing efforts to reduce Russia's energy influence across the European region.
The formal signing occurred on Thursday during a two-day conference in Athens that attracted significant international participation. The event featured four members of the US cabinet, including Energy Secretary Chris Wright, alongside energy ministers from more than twenty countries and senior executives from major energy corporations.
Deal Structure and Regional Implications
Under the newly signed agreement, ExxonMobil will acquire a 60-percent stake in an existing joint venture between London-listed Energean and Greece's Helleniq Energy. The partnership will focus on exploration activities in the Ionian Sea west of Corfu.
According to Prime Minister Mitsotakis, exploratory drilling in the Ionian Sea could commence within the next 18 months. This project represents part of Greece's broader energy strategy, which last month saw Chevron selected for hydrocarbon exploration in four marine areas south of the Peloponnese and south of Crete.
The timing of these developments is significant, coming just two weeks after most European Union member states approved banning Russian natural gas imports by the end of 2027. This collective decision aims to切断 a major funding source for Moscow's military operations in Ukraine.
Environmental Opposition and Regional Tensions
Environmental organizations have voiced strong opposition to the new energy agreements. Campaigners argue that offshore drilling poses significant risks to whales, dolphins, and other marine life inhabiting the local depths.
Greenpeace Greece accused the government of performing "acrobatics" by simultaneously claiming to protect marine species while permitting seismic surveys and seabed operations. The organization highlighted that the ExxonMobil field lies near marine protected areas within the Hellenic Trench, a recognized biodiversity hotspot in the Mediterranean that serves as habitat for several whale and dolphin species.
Adding to the controversy, Greenpeace noted ExxonMobil's history of operational accidents that have led to environmental disasters and worker fatalities in the past.
Thedota Nantsou, policy director for WWF Greece, emphasized that hydrocarbon promotion carries substantial risk of accidents and leaks. She stated, "We cannot move towards the future of climate change by looking to the past with outdated tools like LNG."
Beyond environmental concerns, the agreement also carries geopolitical significance. Athens has sought strong US commitment to the region to counter competing maritime claims by Libya, which Greece argues have been encouraged by its historic rival Turkey. This tension escalated in 2019 when Libya signed a maritime delimitation agreement with Turkey that Athens claims disregards the rights of Greek islands, including Crete.
Greece's energy infrastructure developments, including the recent launch of the Trans-Adriatic pipeline connecting Greece and Bulgaria, along with new storage facilities at Alexandroupolis port, position the country as what Mitsotakis describes as "the natural gateway for American liquefied natural gas to replace Russian gas in the region."
