Exploratory drilling agreement signed for Block 2 in the Ionian Sea

The consortium of ExxonMobil, Energean, and HELLENiQ Energy has signed a contract with Stena Drilling to conduct an exploratory offshore well in Block 2 of the northwestern Ionian Sea. The project focuses on the 'Asopos' geological structure, which spans approximately 1,000 square kilometers and was identified via 3D seismic surveys in 2022. The drilling is scheduled for February to April 2027 at a depth of 4,622 meters, with costs estimated at up to 68 million euros. Experts estimate potential gas reserves between 9.5 and 10 trillion cubic feet (approximately 270 billion cubic meters), though the probability of success for the first well is estimated at 16%. Should the extraction prove successful, the field development would be managed by ExxonMobil with an investment exceeding 5 billion euros and production potentially starting within 3.5 to 4 years. The Greek Minister of Energy, Stavros Papastavrou, noted that the state is entitled to 40% of the profits from the project. This endeavor marks the first deep-water exploratory drilling in Greece in nearly 50 years.