Energean lets drilling contract for deepwater Ionian Sea exploration
Key Highlights
- Energean let a contract for exploratory drilling in Block 2, Northwestern Ionian Sea.
- The campaign is expected to start early 2027.
Energean Hellas Ltd. has let a contract to Stena Drilling for a new exploratory drilling campaign in Block 2 in the Northwestern Ionian Sea.The well will be the first deepwater offshore exploration and the first exploratory offshore drilling in Greece since 1981.
The contract is for the Mobile Offshore Drilling Unit (MODU) Stena DrillMAX. The campaign, expected to start early 2027, is for one firm well requiring managed pressure drilling (MPD).
Block 2, the largest unexpored offshore structure in the Mediterraneal, is the most mature concession in Greece in terms of readiness for exploratory drilling, according to the operator.
In 2022, 2,244 sq km of 3D seismic data were acquired. Company processing and interpretation confirmed that the Asopos structure is the most mature drilling target.
Energean is operator of Block 2 (30%) with partners ExxonMobil (60%) and HELLENiQ ENERGY (10%).
In November 2025, ExxonMobil farmed into Block 2. Energean is the operator of the concession during the exploration stage. In the event of a hydrocarbon discovery, ExxonMobil will assume operatorship during the development stage.