Energean will start drilling for hydrocarbons at the Katakolo site in the winter of 2016-2017, followed by seismic surveys at the Ioannina site the following summer, company Chairman and CEO Mathios Rigas said at an international energy conference taking place in Croatia this week.

The special VAT rate on Aegean islands will gradually phase out as of October 1.

"I want to congratulate you and wish you the best," said Prime Minister Alexis Tsipras in his opening speech at the the first cabinet meeting on Friday.