The prospect of conducting a second exploratory drilling operation for hydrocarbons in the Ionian region has emerged following the entry of the American company Chevron into “Block 10” in the Kyparissiakos Gulf, which Andrew Deighan, Director of Exploration for the Middle East and North Africa at the American multinational, described as an “interesting and unexplored” area. At the same time, significant developments are imminent in “Block 2” west of Corfu, where the first drilling operation is scheduled for next February.

Chevron’s participation in Block 10 with a 70% stake was approved in record time, as the request was submitted on May 28 and the procedures were completed last week. As a result, HELLENiQ ENERGY’s share, which previously comprised the entire concession, has been reduced to 30%.

Block 10 is currently in its second exploration phase, as geological and environmental studies, along with 2D and 3D seismic surveys, have been completed. 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 is to conduct 3D seismic surveys in the neighboring Block A2, evaluate the resulting data, and decide whether to proceed with an exploratory drilling operation, which is expected to take place after 2027–2028.

According to the current schedule, this will be preceded in February 2027 by drilling in Block 2, west of Corfu. The shareholders in that block are ExxonMobil (60%), Energean (30%, which also serves as operator), and HELLENiQ ENERGY (10%).

It should be noted that this will be the first exploratory drilling operation in Greece in 40 years, and significant developments are imminent in preparation for it. In the coming days, the consortium is expected to finalize the selection of the port that will support the drilling operation (transport of materials, etc.). Candidate ports include Patras, Igoumenitsa, and Astakos.

By early July, an Environmental Impact Study for the drilling operation is expected to be submitted. This study will also include the results of the baseline environmental survey, which are expected within the next few days and concern mapping and recording the seabed.

The estimated natural gas potential in the “Asopos 1” prospect within Block 2 is approximately 270 billion cubic meters. By comparison, Greece’s annual natural gas consumption is 6–7 billion cubic meters.

The exploratory well is expected to reach a depth of 4,622 meters, with an estimated cost of €60–70 million.

If the drilling operation proves successful, a second exploratory well may be required. If the existence of a commercially exploitable deposit is confirmed, additional investments of approximately €5 billion will be needed for its development.

In that case, revenues for the Greek state over a 20-year period are estimated at €10 billion.