In May–June 2027, the results of the exploratory drilling in the Ionian Sea’s “2” in the Ionian Sea, scheduled for April 2027 by the Energean–ExxonMobil–Helleniq Energy consortium. At that time, it will be revealed whether there is natural gas or oil in the “Asopos 1” target, which has been identified by seismic surveys, but determining whether the deposit is commercially viable requires additional drilling to delineate its size. And if estimates of a 270 billion cubic meters, as noted yesterday by Energean Group CEO Mathios Rigas while speaking at the Eastern Mediterranean Natural Gas Forum, Greece will become self-sufficient and an exporter of natural gas.
Conducting the confirmatory drilling (which also requires environmental permitting) takes about one year (meaning it is scheduled for 2028), and – in the event of positive results, a three-year period will follow for the installation of equipment for the extraction and transportation of hydrocarbons. It should be noted that on Tuesday, the Regional Council of the Ionian Islands approved the Environmental Impact Study for the drilling at Asopos.
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In the event that hydrocarbons are discovered, ExxonMobil will assume the role of lead operator of the consortium, a position currently held by Energean.
The drilling in Block 2 of the Ionian Sea was one of the projects of interest to Greece that took center stage during yesterday’s session of the Eastern Mediterranean Natural Gas Forum.
Carbon dioxide storage in a depleted reservoir in Prinos. The floating platform to be used for gas injection is currently in Perama, and according to sources at Energean—which is “leading” the investment—it is expected to arrive in the Kavala offshore area in November. Completion of the infrastructure (onshore facilities for receiving carbon dioxide in liquefied form and regasifying it, wells, and injection infrastructure) is scheduled for 2030, while in the meantime, investment decisions are expected from the industries emitting the pollutants regarding their collection and transport to Prinos. Meanwhile, Egypt, which has several times the available carbon dioxide storage capacity, reportedly requested technical assistance from Greece yesterday to organize the market and shape the regulatory framework.
Source: APE-MPE
