Finance
Energean Hopes for Major Discovery Off Western Greece, Says CEO
Published by Global Banking & Finance Review®
Posted on April 15, 2026
2 min readLast updated: April 15, 2026
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Energean, alongside ExxonMobil and Helleniq Energy, targets a major gas and oil find in Block 2 of the Ionian Sea, with a test well at the “Asopos” structure potentially drilled in early 2027. This marks Greece’s first deep‑sea exploration in nearly 40 years.
Energean Seeks Major Hydrocarbon Find Off Western Greece With Deep-Sea Drilling
Energean's Deep-Sea Drilling Initiative in Western Greece
Background and Strategic Partnerships
ATHENS, April 15 (Reuters) - Oil and gas producer Energean will aim for a big discovery of hydrocarbons off western Greece where the first test drilling could take place as early as next year, CEO Mathios Rigas said on Wednesday.
ExxonMobil last year joined Energean and Greece's biggest oil refiner Helleniq Energy to explore for natural gas in the Ionian Sea as the United States seeks a growing role in helping Europe replace much of the Russian gas following Moscow's invasion of Ukraine.
Statements from Energean Leadership
"We are aiming for a big discovery but it will mean nothing if the first drilling is not successful," said Rigas in a ceremony in Athens where Energean mandated Sweden's Stena Drilling to drill the first well.
Details of the Drilling Project
Block 2 and Drilling Timeline
The drilling in Block 2, an area extending across 1,000 square kilometres, is the first deep-sea test drilling in Greece in almost 40 years and could take place in February 2027 once permits are secured, Rigas said.
Potential Reserves and Success Probability
The "Asopos" structure could carry recoverable deposits of gas and oil of 6-7 trillion cubic feet and the likelihood of success was about 16%, he added.
Development and Infrastructure Plans
"The chances are very good," he said, adding that the development would involve a floating offshore facility to link subsea wells to Greece and Italy.
Implications for Greece and Europe
Greece now produces only very small quantities of oil and any discovery of gas will help the country cover both domestic demand and start exporting to Europe.
(Reporting by Angeliki Koutantou; Editing by Janane Venkatraman)
Key Takeaways
- •The venture could tap recoverable hydrocarbons estimated at up to 9.5 trillion cubic feet (~200 bcm), though success odds remain modest (15–18%).
- •Block 2 covers over 2,400 km²; ExxonMobil holds 60%, Energean 30% and Helleniq Energy 10%, with Energean operating exploration stage.
- •A successful discovery would boost Greece’s energy independence and position it as an exporter to Europe, aligning with EU efforts to wean off Russian gas.
Frequently Asked Questions about Energean hopes for major discovery off western Greece, says CEO
1What is Energean planning off western Greece?
Energean is planning test drilling for hydrocarbons off western Greece, aiming for a major discovery that could boost domestic gas supply and exports.
2When could the first test drilling begin?
The first deep-sea test drilling could take place as early as February 2027, pending permit approvals.
3Who are Energean's partners in this exploration?
Energean is partnered with ExxonMobil and Helleniq Energy for natural gas exploration in the Ionian Sea.
4How much gas could the Asopos structure hold?
The 'Asopos' structure could contain recoverable deposits of gas and oil totaling 6-7 trillion cubic feet.
5What is the significance of this project for Greece?
A successful discovery could help Greece meet domestic energy needs and enable gas exports to Europe.
