The prospect of a second exploratory drilling for hydrocarbons in the Ionian region is opening up following American energy giant Chevron’s entry into “Block 10” in the Kyparissia Bay — an area that Andrew Deighan, Chevron’s Director of Exploration for the Middle East and North Africa, described as “interesting and unexplored.” At the same time, significant developments are imminent for “Block 2” west of Corfu, where the first exploratory drilling is scheduled for next February.
Chevron’s 70% participation in “Block 10” was approved in record time: the application was submitted on May 28 and the process was completed last week. As a result, HELLENiQ ENERGY, which previously held the entire concession, now retains a 30% stake.
Block 10 is currently in its second exploration phase, having completed geological and environmental studies as well as 2D and 3D seismic surveys. Specifically, 1,210 kilometers of 2D seismic data were acquired in 2022, followed — for the first time — by the acquisition of 2,416 square kilometers of 3D seismic data covering 88% of the concession area. The next step involves conducting 3D seismic surveys in the neighboring A2 block, evaluating the resulting data, and making a decision on exploratory drilling — a process expected to take place after 2027–2028.
That will be preceded by the drilling at “Block 2,” west of Corfu, scheduled for February 2027 under the current timeline. The block’s shareholders are ExxonMobil with 60%, Energean (also serving as operator) with 30%, and HELLENiQ Energy with 10%.
This will be Greece’s first exploratory drilling in 40 years, and significant preparations are already underway. In the coming days, the consortium will finalize the selection of the port to be used for drilling support operations — including the transport of materials. The candidate ports are Patras, Igoumenitsa, and Astakos. By early July, an Environmental Impact Assessment for the drilling operation will be submitted, incorporating the results of a baseline environmental survey — covering seabed mapping — expected in the coming days.
The estimated natural gas potential in the “Asopos 1” prospect within “Block 2” stands at 270 billion cubic meters — a figure that puts it into perspective when compared to Greece’s annual gas consumption of 6–7 billion cubic meters. The exploratory well will reach a depth of 4,622 meters, with drilling costs estimated at €60–70 million. If the well proves successful, a second exploratory drill may be required, and if a commercially viable reservoir is confirmed, additional investment of around €5 billion would be needed to develop it. In that scenario, revenues to the Greek state over a 20-year period are estimated at €10 billion.
ANA-MPA
