Energean is aiming for a significant oil and gas discovery offshore western Greece, with initial exploratory drilling expected as early as 2027, Chief Executive Mathios Rigas said on Wednesday.
The planned activity will focus on Block 2 in the Ionian Sea, marking Greece’s first deep-water test drilling in nearly four decades, pending final regulatory approvals.
The project brings together Energean, ExxonMobil and Helleniq Energy, reflecting growing international interest in the region’s untapped reserves.
Sweden’s Stena Drilling has been contracted to drill the first exploration well.
At the centre of the effort is the “Asopos” prospect, which is estimated to hold recoverable resources of between 6 trillion and 7 trillion cubic feet of hydrocarbons.
Rigas noted that the probability of success currently stands at about 16%, underscoring both the potential scale and the risks of the venture.
The exploration push comes as Europe seeks to diversify energy supplies following disruptions triggered by Russia’s invasion of Ukraine.
For Greece, which produces only limited quantities of oil, a successful discovery could significantly boost domestic energy security.
It could also position the country as a future gas exporter to European markets, strengthening its strategic role in regional energy supply.
Any development would likely involve a floating offshore facility linking subsea wells to infrastructure in Greece and Italy, enabling efficient transport of resources.