Energean enters second exploration phase for block offshore Greece

Energean submitted notice for continued exploration of Block 2 in the northwestern Ionian Sea adjacent to the Italian Exclusive Economic Zone (EEZ) offshore Greece, according to the Hellenic Hydrocarbons and Energy Resources Management Company SA (HEREMA) in a Mar. 19 release. 

This development marks the beginning of the second exploration phase for the concession. In 2022, 2,244 sq km of 3D seismic data were acquired in the block which confirmed the Asopos structure as the most mature target for exploratory drilling.

Located in the Ionian Sea, 30 km west of Corfu Island, the western boundary of Block 2 is adjacent to the Greek-Italian border. Water depths range from 500 m to 1,500 m with the area forming part of the Apulian platform geological unit. 

The second exploration phase includes drilling an exploration well in 900 m of water more than 55 km from shore. This will be the first exploratory offshore drilling in Greece since 1981.

Ahead of this phase, and in accordance with contractual requirements, the co-lessees have relinquished part of the Block 2 concession area.

Energean is operator of the Block 2 joint venture (30%) with partners ExxonMobil (60%) and HELLENiQ Energy (10%). 

ExxonMobil farmed in to Block 2 in 2025.