Founder & CEO, Energean
Mathios Rigas, Naftemporiki TV, Antallaktirio Ideon
About Mathios Rigas
Mathios Rigas, founder and CEO of Energean, has been active in media appearances and industry conferences over the past two months, discussing the company’s exploration plans and his views on energy policy. In a June 2026 interview on Naftemporiki TV, Rigas said he fears government policy changes could undermine investment, noting that Greece has shifted from a focus on energy transition to energy independence. He stated that Prinos could be used for carbon storage, potentially capturing up to 3 million tonnes of CO₂ per year, and argued that Greece should produce its own oil and gas rather than import energy. In a May 2026 interview with Greece’s Powergame, Rigas said Energean was preparing the first exploratory drilling in Greek waters in 40 years, with a 16% probability of success, and expressed hope of finding natural gas that could make Greece energy independent, similar to Israel’s development over the past decade. He also said Europe had made “tragic mistakes” by closing nuclear and coal plants without securing a transition fuel. At the Invest in African Energy Forum in Paris in April and May 2026, Rigas confirmed that Energean would drill two wells in Egypt’s East Bir El Nus concession in June 2026. He described the company’s strategy of acquiring assets that are too small for major oil companies, citing its acquisition of a Chevron-operated block in Angola. Rigas said the company aims to close the Angola deal and secure a gas project in West Africa within the next year. He also stressed the importance of avoiding corruption and intermediaries in African deals, and noted that Energean supplies 40% of Israel’s gas consumption, adding that geopolitical tensions in the region require the company to prioritize worker safety and operational readiness.
Transcript (78 segments)
✨ AI-enhanced transcript with speaker attribution
M
Mathios Rigas27:55
We know, you know, we read and hear daily what is happening, and it has become so, especially because the Eastern Mediterranean has become the reference point of everything. The Eastern Mediterranean is a region with very great potential for oil and gas production, which is still, I'll say, unexplored.
I
Interviewer28:17
Proven or unexplored?
M
Mathios Rigas28:19
It is unexplored to the extent that we, as a market, explore it. Because
I
Interviewer28:23
There are indications, then.
M
Mathios Rigas28:24
Look, there is oil production, small but it exists in Greece. Prinos is proof that there is oil in the Aegean. The fact that we cannot go and drill elsewhere in the Aegean for other reasons is another story. So, oil in the Aegean is proven. There is gas production in Israel. We and others, and Chevron, there are discoveries in Cyprus which have not yet been exploited. There is production in Egypt. So, there is production and indications that we can find even more. Now we are going to do the research to see if we have oil and gas in Greece as well. Therefore, the Eastern Mediterranean is a region that can provide gas and oil first to the region and then to Europe. What we have found so far is not enough to supply Europe. We have what is needed for Israel, Jordan, Egypt, and the regions.
I
Interviewer29:28
What would you say to someone... rather, I ask you, who knows better than us, in these decisions you make, how much are the criteria economic and how much geopolitical?
M
Mathios Rigas29:39
It is both. Because when you drill and start production in a country and you are a target... for example, in Karish, when we started, there was a very strong reaction from Lebanon.
I
Interviewer29:55
Lebanon considered that Karish belonged to Lebanon and not to Israel. Therefore, there was a very big political conflict, fortunately nothing more happened, which could potentially have stopped production. Of course, with the Israelis there, nothing stopped. What is interesting is that you do not manage my different opinion or that of the Secretary General of the Ministry of Development. You manage the opinions of countries on whether this is theirs or his, and any decision of theirs directly affects you.
M
Mathios Rigas30:32
And any decision of ours affects them as well.
I
Interviewer30:35
Of course. Because to find oil or gas, you also need to know how the country will manage it. There are many examples of countries that found oil or gas but did not manage to handle it seriously and it did not bring the results they wanted. On the contrary, we have countries like Norway, which are pioneers today in what you asked me before, in green development and energy transition. But all of this has been based on oil and gas production. Norway today, which has one of the largest sovereign wealth funds globally, relied on oil and gas, managed it correctly. So we must find it and manage it with seriousness, and all the profits we have should help companies continue to invest. Not drive them away. Because you know, in Greece, we have a tendency, especially with foreign companies, to put so many obstacles that in the end they say enough is enough and leave.
That's what I wanted to ask you. In the end, the most difficult thing for you, I imagine, was to convince the Greek state to handle your issues with speed and maturity, rather than convincing the investor to come and invest in you.
M
Mathios Rigas31:58
Look, there is no easy country to do oil and gas exploration and production in Greece. Indeed, we had and still have, though things are better today, enormous bureaucracy and to a very large extent reactions that did not allow research in recent years. In Cyprus, they have their problems with the Turks. In Israel, rockets and drones fall. In Egypt, they didn't pay us. In West Africa, we have government changes. There is no easy path and there is no easy country.
I
Interviewer32:31
First thing in the morning, what is your first job? Do you watch the news to see what's happening in the world to understand?
M
Mathios Rigas32:36
My first job is to communicate with my very close collaborators. To ensure that all our activities continue to be safe and produce as we have planned. Because you know, for me it is very important that the people working up there feel safe. The day before yesterday I went to the platform in Israel. Many considered it very dangerous, in the midst of war, for me to go to a gas platform. But it was a message: the moment I feel safe, the workers must also feel equally safe.
I
Interviewer33:10
Absolutely agree. Do you believe that all these wars, if not all, most have a common denominator, which is energy?
M
Mathios Rigas33:21
Energy plays a huge role. There is no doubt that the moves made recently, especially on a global level... America takes out Maduro to control Venezuela's oil. There is a huge discussion about Iran's oil, which feeds China. There is a huge discussion about the gas that exists in the Eastern Mediterranean, which can supply both the Eastern Mediterranean countries and Europe. Therefore, obviously, control of energy is very important. I remind you that one of the first moves President Trump made in America was to create the Energy Dominance Council. This is a key political decision because he wanted and wants to dominate the energy sector. Because he understands that when you dominate and have energy security, you also have power.
I
Interviewer34:16
Hence Mexico, hence Venezuela, all these are connected.
M
Mathios Rigas34:20
Obviously, all these are connected, and that's why I say and will keep saying that energy security and energy independence of Greece must be a common denominator of all Greeks, all governments, and all businessmen, let me say.
I
Interviewer34:36
Now, again, it's a strange question: are there inspired people in the country, politically I mean, in the political establishment, who helped you, who encouraged you, who opened a door, or do you knock and knock and no one answers?
M
Mathios Rigas34:52
Look, we always move forward with whoever is opposite us. So, whoever it is, we find a way to operate within that environment. And we have gone through various waves, from people who thought energy should only be green, to others who thought only red, only yellow.
I
Interviewer35:10
Only red energy.
M
Mathios Rigas35:12
I understand.
I
Interviewer35:13
Tell me, I want to go back a bit to Block 2 to understand exactly what it is and why it is important for us, for Greek citizens. First, let's say what 2D means.
M
Mathios Rigas35:24
It is an area located about 50 to 60 km in the northwestern Ionian, very far from any island, any area that could be concerned. An area that is on the border with Italy. That's how far it is from us. There, before us, the concession was held by Total. The French company decided it wanted to leave Greece for its own reasons. We, then, for patriotic reasons as well, considered that this concession should stay alive and we bought it from Total. We did what we call seismic surveys. That is, we did an X-ray of the subsurface. And our geologists, the Greek geologists we have in the company, saw a structure that was mapped and is about 1,000 square kilometers in size. What does 1000 km mean? If we start from here, we will reach Marathon, we will reach Sounio, to understand what we are talking about. In this area, therefore, there is a serious possibility of finding oil or gas. The gas we aim to find could be, and I use the word very carefully, could be up to 200 billion cubic meters. What does this mean for everyone listening? Greece currently consumes 6 billion cubic meters of gas per year. Six. So if we find 200, from which we won't take all, we can take. We will have gas that we can develop, as we developed in Israel, connect it to the Greek network, and Greece become energy independent. That is the goal. But this has a probability of success of 16%. This may sound crazy, and for someone hearing it, they might say, are you crazy? You're going to put money in with an 84% chance of losing it?
I
Interviewer37:19
In our business, this is a very good probability. Because we don't do one drill, we do ten. One out of ten will work. We hope it is the one that will cover all the others and also yield profit.
M
Mathios Rigas37:34
Exactly. Exactly. That's our job, in very simple terms. What was the loneliest decision you made as CEO?
I
Interviewer37:40
Well, the role of CEO is very lonely because you are at the top and usually you are alone and you have to make all the decisions and take all the risks, both investment and geopolitical. Of course, to not be alone, you must rely on a team of very close collaborators whom you trust and who share the same vision.
M
Mathios Rigas37:59
Yes. But you must have the ability to choose that team.
I
Interviewer38:01
Well, obviously.
M
Mathios Rigas38:03
Nothing is obvious.
I
Interviewer38:04
Nothing is obvious. The big decisions, which were very difficult, were the first one, because the first is always the most difficult decision, which was to leave the security, let's say, of a job and go start a business, to venture in Greece and do oil and gas. The beginning was always and will continue to be the most difficult. The second most difficult decision was the very big leap and step to go to Israel and invest all that money, and of course from there on, the development of the company and how we can take it and make it grow even more, because now you know, our competition is no longer within Greece, it's not under the radar, now you are above the radar, and now our competition is the entire market and very large companies.
M
Mathios Rigas38:56
You also bought a drilling rig.
I
Interviewer38:59
We bought a drilling rig, used it in Prinos, finished its job, sold it. Our job is not to do the drilling ourselves. We use companies that do drilling, like Stena, with whom we signed, the Swedes who signed the contract.
M
Mathios Rigas39:11
To go back a bit to Prinos, I read that you will now convert it into a storage for carbon dioxide.
I
Interviewer39:20
Correct.
M
Mathios Rigas39:21
What does that mean? Can you tell us? Because I said it probably correctly, but I don't understand anything from that.
I
Interviewer39:26
It's very simple.
M
Mathios Rigas39:27
Tell me.
I
Interviewer39:28
First, let's clarify that Prinos is ending. The field was discovered in 1970-74. Therefore, it has reached its limit and is about to close. We are trying to keep it alive as long as possible. Because carbon dioxide storage is important. And what does it mean?
M
Mathios Rigas39:47
And how is it stored? Do I take it in a box and put it inside?
I
Interviewer39:51
The large Greek industries, mainly cement industries and refineries, have a very big problem today. They emit carbon dioxide, and in the European Union, you are forced to pay a fee, which today can be 80, 90, or 100 euros per ton for every ton of CO2 emitted. Therefore, Greek industry, if it does not find a solution for what to do with the CO2 it emits, will not be competitive and will inevitably be led to closure. So we, in the exploration and production sector of hydrocarbons, come in and what do we do? We take the CO2 produced from the factory chimneys, which is captured with existing and known technology. It is liquefied, compressed.
M
Mathios Rigas40:44
The smoke, then.
I
Interviewer40:45
From the smoke, we take the CO2. We don't take the rest. We take only the CO2. It is liquefied, compressed, put on a ship, comes to us, and goes back into the earth from where it started. Incredible, it's so simple. It's not a particularly difficult technology. In America, they have been doing CO2 injection for many years. Norway is a pioneer, and the North Sea is a pioneer in such projects. And what can this mean for Greece? Prinos has the capacity to store about 3 million tons of CO2 per year. That is almost 40% of our industry's CO2 emissions. So we can greatly reduce the CO2 produced by Greek industry. You might say, today with planes flying, aircraft carriers, bombing countries, people being killed, does CO2 matter? It will come back, because this is the reality we live in. Therefore, Prinos can become the carbon dioxide storage. But I also say this, and it is very important, especially for the people living in the area. There is absolutely no risk with this technology. It is not something new. It is something done everywhere. People are afraid when they hear it, they don't know what it is, and they say it will happen.
M
Mathios Rigas42:09
How do you manage this distrust of people? The ignorance, basically. Because distrust is born from ignorance.
I
Interviewer42:15
Look, ignorance and distrust can be managed. But populism and those who try politically to exploit such issues for personal gain, there we have our big problem in this country. Because ignorance is completely logical and respectable. A person who doesn't know must be informed, educated, and understand. But the one who comes and tries to use lies and fear to stop an investment for political benefit, that is what we must stop in this country.
M
Mathios Rigas42:55
You have experienced this.
I
Interviewer42:56
Absolutely. We are experiencing it now. In Kavala. In Kavala, there is a reaction from specific people who are trying to exploit this situation to gain political prominence, without having technical knowledge or telling the truth to the people. Therefore, this is what we must face in this country, and we faced it also with the drilling. When we went to do the drilling in Epirus, which had been granted to us, there were reactions from people who had no reason to react. The research stopped. The government did not support the activities enough then. As a result, Epirus is the region with one of the highest unemployment rates in all of Europe. Who won? We went to Israel, we went to Egypt, we went to Italy, now we are going to Angola. We will find countries to go and make investments. If a country and a region do not want it because a local faction does not want it...
M
Mathios Rigas43:57
Look, the local faction in Israel...
I
Interviewer43:59
I'm not talking about Israel. I'm talking about Greece.
M
Mathios Rigas44:02
I'm telling you, the local faction in Israel did not want Leviathan to happen. The government said this is a national goal. It will happen. So the local faction in Greece should have the state, a serious government, opposing it, a serious government that says this is a national goal to move forward, or else we will just talk. It's very easy to talk, tell fairy tales, make promises, and you know, people hear them and laugh now because they see what they say. They think we will become sheikhs, wear robes, and swim in oil. These are not serious things. A serious situation is to drill safely. We have done over 10 drills at similar depths. What is this magic word 'depths'? What does the poet mean by shallow waters, deep waters, horizontal waters? Fine. Prinos is at a sea depth of 40 meters. At 40 meters, you have a platform with legs that sits on the seabed. It doesn't move. It's there. You do your job. In Israel, the depth is 1,600 meters. At 1,600 meters water depth, you cannot put a platform. You have to set up a floating unit that we have anchored. Corresponding depths we have in the Ionian. In the Ionian, in Block 2 we mentioned earlier, we are at about 900 meters. Therefore, it is not an area where you can put a platform and fix it to the bottom at that depth.
How do you envision your company in 10 years?
I
Interviewer45:38
In 10, I can't imagine it. I'll tell you in five how I imagine it. In five, I imagine it as a company...
M
Mathios Rigas45:43
You'll tell me with a 16% chance of being wrong.
I
Interviewer45:45
No, no, no. I'll say it because I have to be careful. You know, we are listed, people buy our shares, and I am very careful. Because as I told you, in England you don't play with forecasts. Our goal is to be a company that in 5 years from today will have tripled production. That is the goal we have set, with main production in Israel, Egypt, West Africa, and a major discovery in Western Greece.
M
Mathios Rigas46:13
You have said that you are the largest company in Greece, but because there is no second.
I
Interviewer46:20
Well, when you are alone and if you come second, running alone and coming second would be difficult. Look, there is also Hellenic Energy, which historically is in the exploration sector, but they haven't done drilling, they don't have production, they have a very large portfolio. Of course, they are also active. In Greece, we have not managed to do exploration and production except for what we have achieved. I repeat, because it is a job that requires know-how, capital, risk, and the ability to handle geopolitical as well as business aspects. The story of Energean is a story of energy or a story of faith in Greece. The story of Energean is a story of passion for the work we do. Because if you don't have passion to go and search, you know, it's a disease. Oil is a microbe. Many say politics is a microbe. The microbe of searching for oil and finding it doesn't exist. So you start from something that is very interesting, very big, global, and it's a job that, if done correctly, can expand to a much wider scope than the narrow borders of Greece.
M
Mathios Rigas47:39
Now, what could a person who at 14 years old draws platforms... At 11 years old you draw platforms you've never seen in your life. How does that translate after so many years?
I
Interviewer47:55
Well, look, I think that all of us, somewhere inside us, have predetermined the future we will follow.
M
Mathios Rigas48:03
Do you regret anything you have done, I mean professionally?
I
Interviewer48:06
No, I don't regret anything. Many of the things we did were very difficult.
M
Mathios Rigas48:10
What would you not do again? A wrong decision?
I
Interviewer48:13
I would not let, rather I would not give so much space and time to unionists to torment us during the years they tormented us in Greece, which we paid for because we were constantly trying to find solutions so as not to affect democratic processes. Exactly. And we reached the point where unionists threatened not only us but even the Greek police, to kill them with hydrogen sulfide, with very harsh conflicts because we were always trying to find solutions. That was one of the very difficult moments in our history. Because I respect the workers very much, you know. Without the workers, there is nothing.
M
Mathios Rigas49:00
How many people does your company employ?
I
Interviewer49:02
We, in total, are 1,000 across the entire spectrum of facilities. Most of them are on the platforms, with people in all countries: in England, Greece, Egypt, Israel, with offices in each of these major cities. What do you fear most for the next decade? War, climate crisis, markets, political instability?
M
Mathios Rigas49:27
What I fear most is the reactions of governments in the hydrocarbon sector today.
I
Interviewer49:36
Explain what you mean.
M
Mathios Rigas49:37
Look, let me tell you what I mean. Italy, a real example, has banned oil exploration. It hasn't changed yet. Therefore, whatever you try to do in Italy, you cannot develop. Greece turned around. When we started discussing these things, Greece went through the energy transition phase. Now it is in the phase of needing to become energy independent. If the day after tomorrow the policy changes and we have put 100 million into a drill, and the next government comes and says I don't want this, yes, we lose the money. But policies are not directed or dictated by needs. That is, if the need is to be self-sufficient because self-sufficiency will enhance our national sovereignty, then policy should serve that vision. This logical vision...
I
Interviewer50:37
That's what should happen. But don't forget that politicians always think they need to be re-elected. Therefore, to be re-elected, there must be a country. If there is no country, in which country will they be re-elected? Sorry, but I'm saying this, not you. I'm taking the blame. I have no problem. Finally, if someone asks you, all this in Greece, do we have oil? What would you answer?
M
Mathios Rigas51:02
I would answer that in Greece we will find out if we have oil around March or April of 2027, after the drilling we will do in the block, at least in the area we are in. Then I can tell you if we found it or not. And if we found it, then we must enter the next phase, which is to develop it. Because it's not enough to find it; you also have to develop it.
I
Interviewer51:25
And what percentage probability do you give? 16%?
M
Mathios Rigas51:29
16% is the probability we have of finding the field. The 16% is a statistical sample. That is, roughly that many out of that many succeed. So that's what we have as an average factor. The 16% comes from a combination of factors: whether there is what we call a trap, because in Western Greece, anyone who has been to Keri in Zakynthos sees oil seeping, anyone who has been to Katakolo sees gas bubbles coming to the surface, anyone who has walked the mountains of Epirus sees oil running in the streams. Why does this happen? Because there is oil underground, but there is no trap to trap it. So you must first find that the oil exists. Then you must find that the oil is trapped. Then you must find that through various migrations, it got trapped somewhere. So we do the analyses, we assign success probabilities to each of these factors, and we arrive at this famous 16%.
Migration of oil.
I
Interviewer52:29
Migration of oil. Very poetic. I want to congratulate you because truly we can only feel proud when a Greek company exports know-how, knowledge, experience, brings in foreign currency, and in other areas we are 150 years behind, in this we are ahead, and countries honor us by choosing Greek companies to do this work. Difficult work with a great need for know-how.
M
Mathios Rigas52:59
Thank you for your kind words. You know, it is very important for me that we can prove that in Greece you can start without being from one of the traditional families, grow not only in Greece but also abroad, and do a job that is basically done by very large international companies like Exxon, Total, BP. And it is very important for the country to have a national champion in the exploration and production sector. Note: England has BP, France has Total, Spain has Repsol, Italy has Eni, America has Exxon and Chevron. All countries have a national champion that they also use for broader geopolitical and international issues. This is what we want to do through Energean, and it is truly extremely important for all governments to understand that we have now created a company that is in eight countries and in some of them it is the largest producer. Thank you warmly. Know that the channel of Naftemporiki, the Naftemporiki group, is always open for you to be welcome, to tell your news, to tell your problems, and to highlight your new initiatives.
I
Interviewer54:18
Thank you very much, and I hope we are close to the discovery.
M
Mathios Rigas54:22
Ah, this will be the first interview. This will be the first interview.
I
Interviewer54:25
Thank you very much.
M
Mathios Rigas54:27
And thank you, dear viewers, for watching another exchange of ideas. See you next Sunday. Until then, have a wonderful time.