At a time when the price of oil has risen in international markets due to the war in Ukraine and Western sanctions imposed on Russia, Greece is stepping up efforts to extract oil and gas in the Ionian Sea.

Greece, which has produced small amounts of oil in the past and has tried to explore its hydrocarbon potential, but low crude oil prices and a green energy orientation have blocked its plans to seek oil. 

The Russian occupation of Ukraine and fears about gas supplies to Europe have led to rising prices forcing the European Union to look for new ways to reduce its dependence on Russian gas. This has increased the need for Greece, which covers about 40% of annual Russian gas demand, to exploit domestic resources. 

"In the coming days, Greece will announce the exploration process in the Ionian Sea and western Crete," a government official told Reuters, who declined to be identified. 

"The new geopolitical and energy environment requires each country to take decisive steps towards its energy security and safety by seeking new energy sources." 

Prime Minister Kyriakos Mitsotakis is expected to announce Greece's strategy on the issue by early next week, as the neighboring country has indicated indications of significant gas reserves, amounting to hundreds of billions of cubic meters, Reuters reports. 

A senior official in Greece's hydrocarbon commission said last week that the commission had proposed an "ambitious but feasible" gas exploration plan. 

Hellenic Petroleum has licenses to explore for gas in the Ionian Sea and has recently completed seismic studies in the area, an important step in clarifying the location and size of any potential reserves. 

A consortium of Total Energies TTEF.PA, ExxonMobil XOM.N and Hellenic Petroleum also holds exploration licenses for two offshore blocks that lie to the west and southwest of Crete.