Energean targets major gas discovery off western Greece

ENERGEAN PLC is targeting a major hydrocarbon discovery off the western coast of Greece, with the first test drilling potentially occurring as early as next year. CEO Mathios Rigas announced the initiative during a ceremony in Athens, highlighting the strategic importance of the project for the Mediterranean energy landscape. The exploration effort gained significant momentum last year when EXXON MOBIL CORP partnered with the firm and HELLENIQ ENERGY HOLDINGS SA to search for Natural Gas in the Ionian Sea. This move aligns with broader efforts by the United States to help European nations find alternatives to energy imports from Russia. > We are aiming for a big discovery but it will mean nothing if the first drilling is not successful. The upcoming operations in Block 2, which covers 1,000 square kilometers, will mark the first deep-sea test drilling in the region in nearly 40 years. Rigas indicated that once permits are finalized, the first well could be drilled by February 2027. The company has already secured Sweden’s Stena Drilling to conduct the operation. The Asopos structure is believed to contain recoverable deposits of gas and Brent Crude Oil estimated at 6 to 7 trillion cubic feet. While the probability of success is currently pegged at 16%, Rigas expressed optimism regarding the potential for a transformative find. Future development would likely involve a floating offshore facility to connect subsea wells to both the Greek mainland and Italy. Currently, domestic energy production is minimal, and a major discovery would enable the country to satisfy its own energy needs while becoming a key exporter to the rest of Europe.