Preparations are advancing for Greece’s first exploratory natural gas well in roughly four decades. The well — located in the Ionian Sea’s Block 2 and scheduled for February 2027 — is now entering its next phase, with both licensing procedures and operational planning progressing steadily.
Within the month, the Environmental Impact Assessment (EIA) specifically covering the exploratory drilling is expected to be submitted to the Ministry of Environment and Energy. This is a distinct process from the earlier permitting of seismic surveys, which have already been completed and approved.
Why Igoumenitsa?
The port of Igoumenitsa — a major ferry hub on Greece’s northwestern coast — is emerging as the preferred logistical base for transporting equipment and supplies needed for the operation. Market sources indicate that its proximity to the planned drilling site gives it a decisive advantage over other options.
The consortium behind the project
The project is led by Energean, which holds a 30% stake in the joint venture. ExxonMobil holds the majority share at 60%, while Helleniq Energy holds the remaining 10%. The well — named Asopos-1 — is expected to reach a total depth of 4,622 meters, with an estimated cost between €60 million and €70 million.
This will be Greece’s first exploratory offshore gas well in approximately 40 years.
Potential reserves and economic impact
Based on current geological assessments, the Block 2 area may hold up to 270 billion cubic meters of natural gas. If the Asopos-1 well confirms commercially viable reserves, development would follow — an effort projected to require around €5 billion in investment.
According to the same estimates, full-scale exploitation of such a resource could generate up to €10 billion in revenue for the Greek state over a 20-year period.