Contract for exploratory drilling for hydrocarbons in Ionian Sea signed in Athens

The contract to carry out exploratory drilling for hydrocarbons in “Block 2”, located in the northwestern Ionian Sea, has been signed on Wednesday, at the Ministry of Environment and Energy in Athens.

The signature reportedly “constitutes a significant step toward the implementation of the drilling operation, which is scheduled to begin in February 2027 and will be the first such activity in Greece in more than 40 years.”

The agreement was signed between the consortium of ExxonMobil, Energean, and HELLENiQ Energy – holders of the exploration rights in the area – and Stena Drilling, in the presence of Environment and Energy Minister Stavros Papastavrou, as well as the ambassadors of the United States, Kimberly Guilfoyle, and Sweden, Håkan Emsgård.

The initial agreement for the implementation of the exploratory drilling was signed in November in Athens, along with the entry of the US company ExxonMobil into the exploration consortium with a 60% stake (Energean retains a 30% participation, down from 75% previously, and HELLENiQ Energy 10%, down from 25% previously).

According to the available data, Block 2 represents the most mature concession for conducting exploratory drilling, aimed at determining the existence of commercially exploitable hydrocarbon reserves, with an estimated probability of success in the range of 15%-18%. The Asopos-1 exploratory well will target a potential carbonate reservoir at a depth of 4,000 meters and concerns a prospective deposit of approximately 200 billion cubic meters (bcm) of natural gas.

The Stena DrillMAX is a sixth-generation drillship, built in 2007 by Samsung Heavy Industries and operated by Stena Drilling. It is part of the DrillMAX series, a fleet of high-specification vessels designed to push the boundaries of offshore drilling.

One of the key features of the Stena DrillMAX is its capability to operate in ultra-deep waters. It has been engineered to function at water depths of up to 10,000 feet (3,000 meters) and to drill to depths of up to 35,000 feet (over 10 kilometers), enabling access to reserves that were once considered unreachable.