Ionian: Drilling at “Asopos 1” in early 2027; Navtex for Greece–Cyprus interconnection “a matter of days”

The exploratory well in offshore block “2” in the Ionian Sea is scheduled for April 2027 by the consortium of Energean, ExxonMobil and Helleniq Energy, with results expected in May or June of the same year, according to Greek public broadcaster ERT. The drilling will show whether natural gas or oil is present at the “Asopos 1” target identified by seismic surveys.

Energean CEO Mathios Rigas told the Eastern Mediterranean gas forum that, if estimates of a deposit of about 270 billion cubic metres are confirmed, Greece would become self-sufficient in natural gas and an exporter. Establishing whether the deposit is commercially viable requires confirmation wells, which take about a year and are placed in 2028; if the result is positive, a three-year period follows for installing the extraction and transport equipment. If hydrocarbons are found, ExxonMobil will take over leadership of the consortium from Energean. On Tuesday, October 6, the Ionian Islands Regional Council approved the environmental impact study for the drilling.

The Navtex for the Greece–Cyprus cable

On the Greece–Cyprus electricity interconnection, competent sources in both countries describe the issuing of a Navtex for the continuation of seabed surveys as “a matter of days”, stressing that no permission will be requested from Turkey. Also awaited are the completion of the project’s economic and technical study by the European Investment Bank and a €25 million instalment from the Republic of Cyprus to IPTO (ADMIE) for expenses already incurred.

The forum also discussed the Vertical Gas Corridor, for which the countries of the region will meet again in January in Sofia, the Egypt–Greece electricity interconnection (GREGY) and carbon dioxide storage in the depleted Prinos field. The floating platform for injecting the carbon dioxide is expected in the sea area off Kavala in November, and completion of the infrastructure is set for 2030.