Helleniq Energy could start its first Greek offshore exploratory drilling for hydrocarbons in 2025, its chief executive said on April 28.

Greece has had indications of significant gas reserves of about 600 billion cubic meters. Last year Helleniq Energy, which holds licences to explore for oil and gas in four blocks in the Ionian Sea and off the island of Crete, concluded collection of seismic data in areas that potentially carry significant gas.

The company has begun evaluating the data and estimates that it could be in a position to decide on any exploratory drilling towards the end of 2024, CEO Andreas Shiamishis told an economic conference in Delphi. "Of course, any exploratory drilling, if it is natural gas ... can lead to production drilling quite fast," he said. "So I would see us being able to move ahead with drilling in 2025, under an optimistic scenario."