A clear answer on whether the exploratory drilling in Block 2 of the northwestern Ionian Sea has identified hydrocarbons is expected by June 2027.
Drilling at the “Asopos 1” target is scheduled to begin in April and last around 60 days. According to data from Energean, which will remain operator of the consortium with ExxonMobil and HELLENiQ ENERGY during the exploration phase, the target lies at a depth of around 840 metres, while the well is expected to reach approximately 4,600 metres. The cost is estimated at €60-70 million.
The “Asopos” structure covers around 1,000 square kilometres, with estimates pointing to potential resources of around 270 billion cubic metres of natural gas, although the presence of oil cannot be ruled out. The probability of success is estimated at 16%.
Even a positive result, however, would not automatically lead to production. As industry sources explain, additional appraisal and delineation wells would be required to establish the size and characteristics of any potential deposit. These wells could begin from 2028, as time would be needed to secure a drilling rig, complete environmental studies and obtain the necessary permits.
The nature of the discovery would largely determine the development model. In the case of oil, one option would be to use a floating production, storage and offloading (FPSO) unit, potentially through the lease of an existing vessel. Natural gas, however, would require transportation and interconnection infrastructure, with one option under consideration being a connection to the Trans Adriatic Pipeline (TAP).
Prinos: Carbon dioxide storage
The carbon dioxide storage project at Prinos is also entering a critical phase, with Energean’s related infrastructure expected to be ready around 2030.
A key milestone will be the binding market test scheduled for 2027, through which interested industries will be invited to commit to storage capacity. Cement producers and refineries are expected to be the main participants, with a final investment decision (FID) being a key prerequisite for their participation.
Market sources estimate that cement producers may move faster, as the production of “green” cement creates a clear commercial incentive. For refineries, however, the equation is considered more complex, with the final decision depending to a greater extent on the cost of emissions allowances and the direction of EU policy on carbon capture and storage (CCS).
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