Block 2: Asopos-1 now scheduled for April 2027

The Asopos-1 exploratory well in Block 2 of the northwestern Ionian Sea is now scheduled for April 2027, with Energean clarifying that the timetable is conditional on the timely completion of all the required permits.

The schedule was confirmed at an information meeting held on Friday between Deputy Minister of Maritime Affairs and Corfu MP Stefanos Gkikas and senior Energean executives.

According to the briefing, the well will be drilled 23 nautical miles, approximately 44 km, from Othoni, 33 nautical miles from the nearest Corfu coastline and 27 nautical miles from Italy. The water depth at the site is approximately 840 metres.

The operation is expected to last between one and a half and two months, with an investment of around $80–100 million. The Stena DrillMAX has been selected for the drilling operation, and Energean has already reached an agreement with Stena Drilling to charter the vessel.

270 billion cubic metres of gas, but a 16% chance of success

The company’s initial estimates put the potential natural gas resources at the target at 270 billion cubic metres. This is an estimate of geological potential, not a confirmed gas field.

The estimated chance of success for the exploratory well itself is just 16%. Only the drilling operation can therefore confirm whether hydrocarbons are actually present and, if so, whether they exist in commercially viable quantities.

Once the exploration is completed, the drillship will leave and the well will be sealed. If a discovery is made, the results will be evaluated and, before any possible appraisal well is drilled, a new Environmental Impact Assessment (EIA), new environmental permitting and a new public consultation will be required.

The Block 2 consortium comprises ExxonMobil with a 60% stake, Energean with 30% and HelleniQ Energy with 10%, while Energean remains the operator during the exploration phase.

Current permitting remains pending

The crucial point, however, is that April 2027 is a planned date, not yet a definitively permitted start date.

The EIA for the Asopos-1A well is currently undergoing the environmental permitting process. Epirus Regional Authority and the Municipality of Igoumenitsa have already issued positive opinions, while the official website of the Ionian Islands Regional Authority still lists the transmission of the project file on 24 August “for an opinion”, with no more recent published position from the Ionian Islands Regional Authority.

Consequently, while the operational planning for the well is becoming increasingly specific, the environmental permitting process has not yet been completed.

GIORGOS KATSAITIS