The discovery of hydrocarbon deposits in the Ionian Sea and the Black Sea could transform Greece and Romania into major natural gas suppliers for Europe.

The Balkan region has been marked by the discovery of hydrocarbon deposits in the Ionian Sea and the Black Sea, which could change the energy map of the Eastern Mediterranean. The offshore perimeter 2 in the Ionian Sea, granted to the consortium Energean, HELLENiQ ENERGY, and ExxonMobil, will begin exploratory drilling in 2026-2027, with estimated reserves of 200 billion cubic meters of natural gas. In the Black Sea, the Neptun Deep project, operated by OMV Petrom and ROMGAZ, will start drilling in 2025, with estimated reserves of 100 billion cubic meters.

If both deposits come into production, Greece and Romania will become the main suppliers of natural gas for Europe, reducing dependence on Russian gas. In the context of the war in Ukraine, the USA is promoting American LNG to support this transition, and Greece will play a crucial role in the regasification of liquefied gas. Infrastructure projects for gas transportation in the Balkan region are already underway, including the Vertical Corridor, which will connect Greece, Bulgaria, Romania, Moldova, and Ukraine.