The possibility of accelerating exploratory drilling in the Ionian Sea emerges from yesterday’s analyst update on Helleniq Energy‘s first-quarter financial results.
“We are committed to proceed with drilling in the North Ionian Sea, west of Corfu, which will take place either in the fourth quarter of this year or the first quarter of next year. Then we will know if there is anything worth exploring further,” said the group’s chief executive Andreas Siamisis, while according to the previous schedule the drilling is set for February 2027. Reminder that the exploration joint venture includes Energean and ExxonMobil.
In relation to the marine “blocks” of Crete, in which the company operates together with Chevron, Mr. Siamisis said that a restructuring of the portfolio has been undertaken, given the developments with the drilling in the Ionian Sea and the addition of the new “blocks” south of the island. In this context, over the next two years the focus will be on the block southwest of Crete, the block west of Crete will not be further explored and seismic exploration south of Crete will proceed in the next three months.
Management expects the second quarter of the year to be even better despite an expected drop in demand for drive fuels due to rising prices. “Greece has not experienced a significant decline in demand. There is a small drop in April volumes and we are waiting to see what happens in May, but with everything that is happening, a single-digit drop in demand for motor fuels is to be expected,” he said. “We also expect to see how tourist traffic will shape up, which is an important time of the year for us,” he added.
However, management’s estimate is that operating profit will be close to first-quarter levels (around €400 million, a high level due to the international environment). For the full year, an improvement of 10-30% is also expected compared to 2025. The size will depend on developments in the Gulf and the investment budget, which is expected to be lower than last year, unless acquisitions in the renewables sector materialise.
