"The development of the hydrocarbon sector is a matter of national importance; it requires planning, consistency, and institutional seriousness. Unfortunately, once again, the PASOK Energy Sector is choosing, for reasons of petty political expediency, to create a false impression, even though it should know how the international hydrocarbon market operates," the Ministry of Environment and Energy emphasizes in a statement.
As highlighted in the same statement, the ExxonMobil–Energean–HELLENiQ Energy consortium will carry out the first offshore exploratory drilling in the northwestern Ionian Sea in February 2027, marking the first such operation in the country in nearly half a century. In fact, on April 15, 2026, the drilling contract was signed between Energean (as the consortium’s operator) and Stena Drilling.
The announcement continues:
“The drilling in the northwestern Ionian Sea is a clear vote of confidence in our country. Companies active in the hydrocarbons sector allocate their exploration funds on a global scale, constantly evaluating and comparing the prospects and maturity of all their available options. This reality leads them to conduct regular reviews of their portfolio of countries and specific blocks they hold. This, for the information of PASOK, constitutes portfolio management.
Regarding the block west of Crete, the ExxonMobil and HELLENiQ Energy consortium completed the 2D seismic surveys in the area and, before the available time for decision-making expired, they promptly informed the Hellenic Hydrocarbon and Energy Resources Management Company (EDEYEP) that they would not proceed to the next phase of exploration. It should be noted that proceeding to the next phase would have required a very significant expenditure for the execution of three-dimensional (3D) seismic surveys before the consortium could make a decision regarding drilling.
Consequently, rather than incurring the cost of new seismic surveys west of Crete and waiting an additional 2 to 3 years before being able to decide on potential drilling, the consortium partners chose to proceed immediately with drilling in the northwestern Ionian Sea, specifically in Block 2.
However, EDEYEP will evaluate the possibilities for conducting 3D seismic surveys that will allow interested investors to continue exploration west of Crete.
It is clear that what some choose to label a “failure” is, in fact, a standard practice of major oil companies in the dynamic management of their portfolios across the globe.
The supposedly “failed” policy of the Mitsotakis government is, in fact, the one leading to the first deep exploratory drilling in our country since the restoration of democracy.
It would be wise for the PASOK Energy Sector, the next time it decides to call out the government, to familiarize itself with the timelines, practices, and actual functioning of the hydrocarbon market.”