The prospect of a second hydrocarbon exploration well in the Ionian Sea has gained momentum following U.S. energy giant Chevron’s entry into Block 10 in the Kyparissiakos Gulf. Andrew Deighan, Chevron’s Director of Exploration for the Middle East and North Africa, described the area as “interesting and unexplored”—a statement underscoring growing investor interest in Greece’s offshore exploration blocks.
Corfu Block 2: First Well Scheduled for February 2027
A major milestone is set for Block 2, located west of Corfu, where the first exploratory well is scheduled to begin drilling in February 2027. This will mark Greece’s first onshore or offshore exploratory drilling in four decades. The block is jointly held by ExxonMobil (60%), Energean (30%, acting as operator), and HELLENiQ ENERGY (10%).
In the coming days, the consortium will finalize its choice of port to support the operation—potential candidates include Patras, Igoumenitsa, and Astakos. By early July, the Environmental Impact Assessment (EIA) for the well will be submitted, incorporating results from ongoing seabed surveys expected in the coming days.
Block 10: Chevron’s Rapid Entry and Next Steps
Chevron’s 70% stake in Block 10 was approved in record time—the application was filed on 28 May, and approvals were completed last week. As a result, HELLENiQ ENERGY’s share in the block has been reduced from 100% to 30%.
Block 10 is now entering its second exploration phase. Geological and environmental studies, along with 2D and 3D seismic surveys, have already been completed. In 2022, 1,210 km of 2D seismic data were acquired; later, for the first time in the area, 2,416 square kilometres of 3D seismic data were collected—covering 88% of the block.
The next step involves acquiring 3D seismic data in the adjacent Block A2, analyzing those findings, and deciding whether to proceed with an exploratory well—likely no earlier than 2027–2028.
Potential and Scale of the Corfu Project
The target zone, named ‘Asopos-1’, is estimated to hold up to 270 billion cubic metres of natural gas—roughly 40 times Greece’s annual domestic consumption (6–7 billion cubic metres). The planned well will reach a total depth of 4,622 metres and is expected to cost between €60 million and €70 million.
If successful, a second exploratory well may follow. Should commercially viable reserves be confirmed, an estimated €5 billion in additional investment would be required to develop the field. Over a 20-year period, such a development could generate approximately €10 billion in revenue for the Greek state.