Energean and its partner ExxonMobil have finalized plans to drill an exploration well offshore Greece in early 2027, targeting the Asopos prospect in Block 2 of the Ionian Sea. This prospect is claimed to be the largest undrilled structure in the Mediterranean, with the potential to hold about 9.5 trillion cubic feet of gas in place.

Partnership and Strategic Importance

Following ExxonMobil's acquisition of a 60% stake in Block 2 last year, the current partnership structure consists of ExxonMobil (60%), Energean (30%), and HelleniQ Energy (10%). Energean will remain the operator during the exploration phase. A successful discovery could be transformative for Greece, potentially making the country energy independent given its annual gas consumption of approximately 210 billion cubic feet.

Drilling and Development Plans

The exploration well is scheduled to spud in February 2027 and is expected to take 60 to 70 days to drill. Contracts for the drilling rig are in the final stages of negotiation with Stena Drilling, though a specific drillship has not been officially confirmed. If the well meets commercial expectations, ExxonMobil would assume operatorship for the development phase. A potential development solution involves utilizing a floating production, storage and offloading vessel, similar to Energean's successful project at the Karish field offshore Israel. The location's proximity to the Trans Adriatic Pipeline also offers future export options to Italy or Greece.