Results from exploratory drilling in Ionian Sea block 2, planned for April 2027 by the Energean-ExxonMobil-Helleniq Energy consortium, will be known in May-June 2027.
The well will show whether natural gas or oil is present at the “Asopos 1” target identified by seismic surveys. Establishing whether a find is commercially viable, however, requires further wells to determine its size.
If estimates of a 270bn cubic metre deposit are confirmed, Greece would become self-sufficient in natural gas and an exporter, Energean chief executive Mathios Rigas told the Eastern Mediterranean gas forum on Wednesday.
Confirmation wells, which also need environmental licensing, would take about a year and so fall in 2028. If the results are positive, a three-year period would follow to install equipment to extract and transport the hydrocarbons.
On Tuesday the Ionian Islands regional council approved the environmental impact study for the Asopos drilling.
If hydrocarbons are discovered, ExxonMobil will take over from Energean as operator of the consortium.
The block 2 well was one of the projects of Greek interest at the centre of discussions at the forum.
Another is the Greece-Cyprus electricity interconnector. Sources from both countries said a Navtex notice for the resumption of seabed surveys was “a matter of days”, and that no permission would be sought from Turkey.
The European Investment Bank is also expected to complete its economic and technical study of the project, and Cyprus is due to pay a €25m instalment to Greek grid operator IPTO for costs already incurred.