The new geopolitical and energy landscape emerging after the transatlantic conference in Athens, attended by top American and European officials, signals a clear upgrade of Greece’s role as a strategic partner of the United States in Southeastern Europe. The strengthened American presence confirmed Washington’s intention to further deepen relations with Athens, highlighting our country as a key energy and geopolitical point between East and West.

The total valuation of the agreements supported by the new era in Greek-American relations exceeds €30 billion, as it rests on two parallel pillars of cooperation.
The first concerns the natural gas and LNG infrastructure sector, with an estimated value of about €26 billion over 20 years, while the second relates to accelerating cooperation in hydrocarbons, which could yield investments of €5 to €10 billion under certain conditions, at least regarding the Ionian block, into which ExxonMobil recently entered. The scale of these investments will be multiple if discoveries are made in the blocks south and southwest of Crete, which will open the way – provided licensing obstacles and potential legal disputes are overcome – for the country to become a natural gas producer for the first time.

What the conference brought
The first pillar is implemented within the framework of the Partnership for Transatlantic Energy and Climate Cooperation (P-TEC), where the close energy ties between the two countries were transformed into specific agreements for the supply and absorption of liquefied natural gas (LNG) quantities ranging from 0.7 to 4 billion cubic meters per year, with prices calculated based on current natural gas prices at the Dutch TTF hub (€33/MWh).
This first multi-year contract with the USA in Europe is acquired by Atlantic See LNG Trade S.A. This is the newly established joint company between Aktor and DEPA Commercial at 60%-40%, which on Friday signed the 20-year supply contract with the American Venture Global – one of the largest LNG players based in Louisiana. This is an agreement that Americans link to the Alexandroupolis terminal (FSRU), in which the company participates with a capacity of 25%.

Konstantinos Xifaras, Alexandros Exarchou, and the representative of Venture Global Inc sign the twenty-year American LNG import contract

Through the FSRU infrastructure, Greece aims to increase imports of liquefied natural gas from the USA for export through the so-called Vertical Corridor, which connects Greece with Ukraine via Bulgaria, Romania, and Hungary. Greece’s role in natural gas transportation is expected to increase further when the EU proceeds with a complete ban on Russian supplies, as decided from 2028. When the transit of Russian gas through Turk Stream (the main gateway of Russian gas to Southeast Europe) ends, it is estimated that about 16 billion cubic meters (bcm) of natural gas will need to be immediately replaced, while together with neighboring countries’ needs, the quantities are estimated at 20 to 22 bcm.

Agreements with the countries of the Vertical Corridor (Bulgaria, Romania, Hungary, Moldova), with which individual negotiations will follow to finalize quantities, foresee a minimum annual supply of up to 700 million cubic meters, which will serve as a consumption and absorption threshold for the system’s viability. This minimum quantity ensures stable flows and predictability for infrastructure investments, allowing banks and institutional financiers to safely support transport and storage projects. A key role in this sector is played by the DFC (Development Finance Corporation). The US State Development Bank is considering having an active role in the agreement linked to the DEPA Commercial – Aktor joint venture, which is Greek-based and operates in seven countries in the region.

According to information, the American presence will not be limited to simple lending but will include equity participation and board representation in the company, making it the US arm in Southeast Europe for energy security matters. The presence of the DFC is expected to act as a multiplier of trust and stability for the broader investment structure, facilitating access to capital and the participation of American and European banks.

The significance of the deal for Aktor
The agreement for American LNG marks a new era for Aktor as well, expanding its activity beyond construction into energy, with a deal that strengthens its position as a national energy player with an international footprint. From a company that built infrastructure projects, it is transformed within a few years into a group actively participating in energy production and distribution, representing the most ambitious project the company has ever undertaken, placing it at the center of developments for the coming decades.

The plan even includes investment in LNG transport ships, with a total cost of about €1 billion. The company will need to evaluate in the coming period whether to charter or purchase LNG transport vessels from the US, given that the transport cost is estimated at €30–40 million per year.

Contract duration

The start of the long-term contract to supply the countries of the Vertical Energy Corridor with American LNG is set for 2030, with intermediate phases in 2027–2028, when the final withdrawal of Russian natural gas from the European market is expected. Already, at the end of 2026, DEPA Commercial’s contract with Gazprom expires. Although the last negotiation with the Russians, which resulted in an out-of-court settlement due to a long-standing dispute over gas pricing, provides for an extension, a plan is being promoted for the gradual termination of Russian gas flows by 2027.

As well-informed sources report, the United States clearly intends to cooperate with a unified and reliable partner in the region. The Greek company, in which DEPA and Aktor will participate, will fulfill this purpose, functioning as the US energy arm for Southeast and Central Europe. For the success of the project, it is emphasized that long-term contracts are required, such as the 20-year contract with Venture Global, which will provide investment security and allow financing of new infrastructure, such as floating regasification stations (new FSRUs) and new interconnection pipelines. These infrastructures will increase the volume of natural gas transport and contribute to price reduction through economies of scale.

On the discussion table is also the prospect of constructing a pipeline between Alexandroupolis and Ukraine, which would further strengthen the region’s energy security. Although considered an ambitious plan, it is emphasized that guaranteed transport volumes supported by geopolitical developments and significant financing are required. In the new energy map shaped by the withdrawal of Russian gas from the European market, Ukraine is also considered a country of strategic importance due to its large storage capacity (about 30 bcm), corresponding to 15% of total European storage capacity. Utilizing this capacity provides stability in gas supply and will enhance Europe’s energy autonomy, especially after progressive disengagement from Russian gas.

The drilling rigs
The second pillar of Greek-American cooperation concerns accelerating research and investments in hydrocarbons. ExxonMobil, with a 60% stake in Ionian Block 2, proceeds in collaboration with the Greek side, with the remaining 30% allocated to Greek Energean, which manages the Prinos field in Kavala, and 10% to Helleniq Energy (formerly Hellenic Petroleum). The American upstream giant has also undertaken the processing of 3D seismic data for the offshore blocks “Southwest” and “West of Crete,” also with Helleniq Energy.

ExxonMobil Vice President John Ardill stated in recent days that the data processing will be completed in the first half of 2026 so that a decision can be made on whether an exploratory drilling will take place in 2027 in the “Southwest Crete” block. This issue remains open for the company, which has been present in Greece since 2019, confirming that the reality of hydrocarbons is far more complex than usually presented.

INTERVIEW

Mathios Rigas: CEO of Energean

“A discovery in Block 2 will have a catalytic effect on Greece’s development”
$80 million investment in exploratory drilling, multiples if a field is found – Potential resources 200 billion cubic meters of natural gas in the Ionian

An investment of $80 million for exploratory drilling, which will be multiple if a field is found, opens with the participation of Americans in the Ionian concession. Energean and ExxonMobil are proceeding with exploratory drilling in Block 2, west of Corfu, one of the most promising areas of the Mediterranean, with potential resources reaching 200 billion cubic meters of natural gas. Energean CEO Mathios Rigas explains to THEMA the significance of the agreement, the next steps, and the role of natural gas in the new energy reality.

Marianna Tzanne: What does your cooperation with ExxonMobil for Block 2 signify?
Mathios Rigas: The agreement is of strategic importance both for Energean and for the country. ExxonMobil participates with 60%, Energean with 30%, remaining operator in the first phase, and HelleniQ Energy with 10%. The fact that a global energy giant trusts us to manage the critical exploratory drilling shows our technical competence and reliability.
The cooperation was based on data from the 2022 three-dimensional seismic survey, covering an area of over 2,200 square kilometers. After a year of negotiations, an $80 million investment was set in motion – an important step for Greece’s energy independence. If a discovery occurs, the investments will be multiple, while ExxonMobil will undertake the development phase.
The presence of American officials at the signing of the agreement underlines that this is a move with geopolitical dimension, integrated into the US strategy for energy stability in the Eastern Mediterranean.

M.T.: What are the next steps and what challenges do you foresee for Block 2?
M.R.: The first crucial step is exploratory drilling, expected at the end of 2026 or early 2027, if the licensing procedures proceed without delays. The big challenge is European bureaucracy: regulations have become more complex, imposing checks that often act as a disincentive.
Balance, transparency, and responsibility are needed, but without harming competitiveness. Europe must maintain the ability to attract investments, especially in the energy sector. The example of Prinos shows that in Greece we can combine production and environmental protection: it has operated for 45 years in full harmony with tourism and fishing, something we are proud of.

M.T.: How does this project fit into Greece’s energy security strategy?
M.R.: Greece has progressed in diversifying energy sources and routes, but still depends on imports. The existence of domestic fields is not just an economic issue; it is a matter of national power and independence.
The development of Block 2 and other fields can strengthen an energy security network connecting Greece, Cyprus, Israel, Egypt, and Italy. This is also the essence of Energean’s strategy for the Mediterranean: creating a stable regional pillar.
In 2024, Energean produced 7.5 billion cubic meters of natural gas in the Mediterranean, a quantity greater than the country’s current consumption. This experience gives us confidence that we can contribute substantially to Greece’s energy self-sufficiency.

M.T.: What is the role of natural gas in Europe’s green transition?
M.R.: For years we talked about energy transition, meaning replacing fossil fuels with cleaner forms. Today, however, reality is different: needs are increasing, networks require stable power, and renewables cannot yet meet demand without a reliable baseload source.
Natural gas acts as a stabilizer of the system. Globally, more than $4 trillion is expected to be invested in the energy sector in the coming years. The issue is not simply “transition” but the “addition” of clean and reliable energy.
Energean has demonstrated that natural gas production can be done with a very low carbon footprint, as shown by our activity in Israel. With the carbon dioxide storage project in Prinos, we take another step toward the green transition.

M.T.: What is the broader message of this agreement?
M.R.: Energean has now established itself as one of the largest independent natural gas producers in the Mediterranean, with presence in seven countries. Cooperation with ExxonMobil shows that international giants trust our technical competence, efficiency, and performance at high ESG (Environment, Society, and Corporate Governance) standards.
Block 2 is considered the largest unexplored structure in the Mediterranean. If the estimates of 200 billion cubic meters of natural gas are confirmed, this discovery will be a milestone for the economy, energy security, and Greece’s geopolitical position.
The key is to maintain stable political and social consensus around hydrocarbon exploration and development. Greece must act with planning, stability, and determination, with more projects and fewer words.