Greece's hydrocarbon sector is heating up, with HELLENiQ ENERGY now hunting for a partner to take the Ionian Sea block t...

Greece's hydrocarbon sector is heating up, with HELLENiQ ENERGY now hunting for a partner to take the Ionian Sea block to its next phase, and major American oil companies reportedly in talks. Greece's hydrocarbon authority EDEΥEP has approved a 15-month extension, running until October 9, 2027, for HELLENiQ ENERGY to complete its exploration work on the offshore "Ionian Block," a 5,001 square kilometer concession stretching west of Corfu down to Lefkada in the North Ionian Sea. The company needs more time to re-evaluate seismic data and find a co-lessee with proven offshore drilling experience before committing to a third exploration phase, which would require an actual exploratory drill. Market sources cited by To Vima suggest HELLENiQ ENERGY has approached ExxonMobil about the Ionian Block, given that it sits adjacent to offshore Block 2 where ExxonMobil is already partnered with Energean and HELLENiQ ENERGY in an upcoming drill. Chevron has also reportedly been sounded out, despite having just signed on as operator for the separate Block 10 deal off the Kyparissia Gulf. TotalEnergies and Eni, both active elsewhere in the Eastern Mediterranean, are also said to be on the list. The wider picture is striking. Energean is set to drill the first exploratory well in Greek waters in nearly 40 years at Block 2 in February 2027, targeting the "Asopos 1" prospect, which holds an estimated 270 billion cubic meters of natural gas, roughly 40 times Greece's annual consumption. The drill will reach 4,622 meters and cost between 60 and 70 million euros. If Block 2 returns solid results, a second drill at Block 10 could follow in 2028. A third, at the Ionian Block, is also possible by 2028 if HELLENiQ ENERGY secures a partner in time. Greece's hydrocarbon authority has also launched an international tender for new seismic surveys across the western and southern Aegean, including the Ionian Sea and south of Crete, laying groundwork for a possible new licensing round in currently unleased areas. #Greece #Energy #EasternMediterranean