The results of the drilling in “Block 2” are expected soon.
If all goes well, at the next general shareholders’ meeting in 2027, we will have the results of the drilling in Block 2 (northwest Ionian Sea) and seismic data from the areas south of Crete and the Peloponnese, noted Helleniq Energy CEO Andreas Siamis, speaking today at the company’s annual shareholders’ meeting.
Mr. Siamis highlighted the partnerships with the American companies Exxon and Chevron in the field of exploration, for which, as he noted, efforts began years ago and ensure risk management. “Given that a drilling operation like the one in ‘Block 2,’ which will take place in early 2027, costs between 60 and 100 million dollars, if we were to drill 10 wells, it would cost $1 billion,” Mr. Siamisisis noted. He added that the company will request an extension of the exploration period for the “Ionian” block, west of Epirus, which is the only one in which Helleniq remains the sole shareholder so far.
He emphasized that despite electrification and the energy transition policy, hydrocarbons will remain part of the energy mix (32% by 2050) as energy demand continues to rise. “Anyone who thinks hydrocarbons have no future will run out of energy,” he noted.
In presenting the company’s performance over the past few years, he noted that it has more than doubled compared to 2024 “without asking shareholders for capital, something we may have to do at some point.” While outlining the strategy for the coming years, he emphasized that over the next 5–10 years, the goal is to increase operating profitability (EBITDA) to 1.5 billion euros, up from 1 billion today. This goal will be achieved through investments in refineries and hydrocarbon exploration, as well as in renewable energy sources and natural gas.
Mr. Siamisis spoke at length about the company’s contribution to ensuring energy security during international crises, unlike other European countries that faced supply issues, particularly with aviation fuel. While discussing prices, he emphasized that Greek consumers do not face higher prices than those in Europe “not to say that energy is cheap or that prices don’t tend to fall slowly and rise quickly.”
Finally, he criticized the EU’s ambiguity regarding investments in hydrocarbons, the high operating costs imposed by the European framework on companies in the sector, as well as delays in permitting, land-use planning, etc. in our country regarding investments in renewable energy and batteries.
