The European Union Finds Alternative to Russian Gas

The European Commission has supported an agreement between Greece and American company ExxonMobil to conduct gas exploration in the offshore area of the Ionian Sea, to completely phase out imports of Russian gas. This was reported by Euroactiv.

The Greek authorities have already announced that exploratory drilling is expected to be completed by early 2027, and if the gas reserves are profitable, production will start in 2030 and continue at least until 2040.

It is worth noting that earlier the EU Council approved a phased halt to gas imports from Russia, which will come into effect on January 1, 2026. In addition, EU governments plan to stop purchasing Russian oil starting in 2028, though this decision still needs to be agreed upon with the European Parliament.