ExxonMobil, Energean, and HelleniQ Energy are set to begin Greece's first offshore hydrocarbon drilling operation in 40 ...

ExxonMobil, Energean, and HelleniQ Energy are set to begin Greece's first offshore hydrocarbon drilling operation in 40 years, with the start date confirmed for February 2027 in the Ionian Sea's Block 2. Energean CEO Mathios Rigas made the announcement at the Economist's 30th Annual Roundtable, stating that the timeline is firm and on schedule. The port of Igoumenitsa has been locked in as the operational supply base for the drilling campaign, chosen for its proximity to Block 2 and its existing offshore energy infrastructure. A formal agreement is expected to be signed in the coming weeks, ahead of the environmental impact study being submitted to Greece's Ministry of Environment and Energy, which is expected in July. The drill target is the "Asopos-1" structure, identified through 3D seismic data. The drill is projected to reach a total depth of around 4,622 meters, at a water depth of 1,300 to 1,400 meters. The cost of this single well is estimated between 60 and 70 million euros. Energean has estimated that the Asopos target could hold around 270 billion cubic meters of natural gas. If confirmed, that would rank among the largest gas finds in the Eastern Mediterranean in recent years. The geological probability of success is currently estimated at 16%, which is standard for an unexplored basin of this type. Should the drill succeed, market analysts estimate total development investment could reach 5 billion euros, covering offshore production platforms, subsea infrastructure, and pipelines. The current plan calls for a floating production unit, with gas routed to markets through the TAP pipeline and the proposed ITGI interconnector, supplying both Greece and Italy. Block 2 is the most advanced hydrocarbon exploration program in Greece right now, but Chevron is also active, holding a 70% operator stake in Block 10 in the southern Ionian, with 2D and 3D seismic surveys already completed. HelleniQ Energy is separately seeking a strategic partner for the "Ionian Block," a 5,000 square kilometer concession stretching west of Corfu to Lefkada. #Greece #ExxonMobil #NaturalGas