What is the significance of Energean's upcoming drilling in Block 2 off western Greece, and how does it compare to previous exploration activity in the country?

Energean's upcoming drilling in Block 2 — a 1,000-square-kilometre area in the Ionian Sea — marks the first deep-sea test drilling in Greece in nearly 40 years. The operation, potentially starting in February 2027 pending permits, aims to explore the 'Asopos' structure, which is estimated to hold 6–7 trillion cubic feet of recoverable gas and oil, with a stated success probability of 16%. This effort is part of a broader consortium including ExxonMobil and Helleniq Energy, formed amid Europe’s push to reduce dependence on Russian gas following Ukraine’s invasion. Unlike Greece’s current minimal domestic oil production, a successful discovery could enable both domestic supply coverage and future exports to Europe, supported by a planned floating offshore facility linking subsea wells to Greece and Italy.

What are the key technical and strategic elements of Energean’s Ionian Sea exploration project as outlined by CEO Mathios Rigas?

According to CEO Mathios Rigas, the project’s core technical element is the exploration of the 'Asopos' structure within Block 2, targeting up to 6–7 trillion cubic feet of recoverable hydrocarbons, with a 16% geological chance of success. Strategically, the initiative involves a tripartite partnership between Energean, ExxonMobil, and Helleniq Energy — aligning with U.S. efforts to bolster Europe’s energy security post-Ukraine invasion. Rigas emphasized that while the ambition is a 'big discovery', its value hinges entirely on the success of the first well, which Stena Drilling has been mandated to drill in Athens. The development plan includes deploying a floating offshore facility to connect subsea wells to onshore infrastructure in Greece and Italy, positioning the project not only as an exploration milestone but also as a potential new export corridor for southeastern Europe.

Energean hopes for major discovery off western Greece, says CEO

Apr 15, 2026

Energean plans deep-sea drilling off western Greece starting February 2027 with partners including ExxonMobil. The project targets the Asopos structure with potential recoverable deposits of 6-7 trillion cubic feet of gas and oil.

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Energean hopes for major discovery off western Greece, says CEO

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