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

Drilling Timeline and Strategic Importance

The wildcat well is scheduled to be spudded in February 2027. A successful discovery meeting upside expectations would be a significant boon for Greece, potentially enabling energy independence given the country's annual gas consumption of about 210 billion cubic feet.

Partnership Structure and Operatorship

ExxonMobil holds a 60% stake in Block 2 in the Ionian Sea, acquired last year, while Energean's interest is 30% and HelleniQ Energy's is 10%. Energean will remain the operator during the exploration phase, but ExxonMobil would take over operatorship if a commercial discovery is made and the project moves to the development phase.

Development and Export Strategy

A potential development solution could replicate Energean's successful use of a newbuild floating production, storage and offloading vessel, similar to the model used at its Karish field offshore Israel. The location of Block 2 next to the Trans Adriatic Pipeline offers the option to export gas to either Italy or Greece.

Rig Contract and Well Details

The exploration well is expected to take 60 to 70 days to drill. Contract negotiations for a rig charter are in the final stages with Stena Drilling, though a specific drillship was not named. The Stena IceMax, recently deployed for Shell offshore Egypt, is noted as one potential option.