Developments in research on hydrocarbons in Greece are gaining renewed interest following the entry of the American Chevron in “Block 10” of the Gulf of Kyparissia.
This is an area that Andrew Deegan, the company’s Director of Exploration for the Middle East and North Africa, has described as “interesting and unexplored.”
At the same time, planning is underway for the first exploratory well in “Block 2” west of Corfu, which, according to the current schedule, is expected to take place in February 2027. This is a particularly significant development, as it will be the first exploratory well drilled in the country in four decades.
Chevron in “Block 10” and the next steps
Chevron’s participation in “Block 10” was approved in a short period of time. The American company acquires a 70% stake, while HELLENiQ ENERGY retains the remaining 30%.
The concession is already in its second exploration phase. Geological and environmental studies have been completed, as have two- and three-dimensional seismic surveys. In 2022, 1,210 kilometers of 2D seismic surveys were conducted, followed by 3D seismic surveys covering an area of 2,416 square kilometers, which encompass most of the region.
The next phase includes 3D seismic surveys in the neighboring Block A2 and an evaluation of the new data. The decision on a potential exploratory well is expected after 2027–2028.
“Feverish” preparations for drilling in Corfu
Drilling in “Block 2” west of Corfu is expected to proceed sooner. The consortium includes ExxonMobil with a 60% stake, Energean with 30%, and HELLENiQ ENERGY with 10%.
A final decision on which port will support the drilling is expected within the next few days. The ports of Patras, Igoumenitsa, and Astakos are under consideration.
Meanwhile, the Environmental Impact Study is expected to be submitted by early July, incorporating the results of the baseline environmental survey for seabed mapping.
The size of the deposit and the investments
According to estimates, the “Asopos 1” area in “Block 2” may contain up to 270 billion cubic meters of natural gas. For comparison, annual natural gas consumption in Greece ranges from 6 to 7 billion cubic meters.
The well will reach a depth of 4,622 meters, and its cost is estimated at between 60 and 70 million euros.
If the results are positive, a second exploratory well may follow. If the existence of a commercially viable deposit is confirmed, additional investments estimated at 5 billion euros will be required for its development.
Estimates indicate that total revenue for the Greek government over a 20-year period could reach 10 billion euros.
