ATHENS, April 15 (Reuters) - Oil and gas producer Energean will aim for a big discovery of hydrocarbons off western Greece where the first test drilling could take place as early as next year, CEO
Energean Seeks Major Hydrocarbon Find Off Western Greece With Deep-Sea Drilling
Energean's Deep-Sea Drilling Initiative in Western Greece
Background and Strategic Partnerships
ATHENS, April 15 (Reuters) - Oil and gas producer Energean will aim for a big discovery of hydrocarbons off western Greece where the first test drilling could take place as early as next year, CEO Mathios Rigas said on Wednesday.
ExxonMobil last year joined Energean and Greece's biggest oil refiner Helleniq Energy to explore for natural gas in the Ionian Sea as the United States seeks a growing role in helping Europe replace much of the Russian gas following Moscow's invasion of Ukraine.
Statements from Energean Leadership
"We are aiming for a big discovery but it will mean nothing if the first drilling is not successful," said Rigas in a ceremony in Athens where Energean mandated Sweden's Stena Drilling to drill the first well.
Details of the Drilling Project
Block 2 and Drilling Timeline
The drilling in Block 2, an area extending across 1,000 square kilometres, is the first deep-sea test drilling in Greece in almost 40 years and could take place in February 2027 once permits are secured, Rigas said.
Potential Reserves and Success Probability
The "Asopos" structure could carry recoverable deposits of gas and oil of 6-7 trillion cubic feet and the likelihood of success was about 16%, he added.
Development and Infrastructure Plans
"The chances are very good," he said, adding that the development would involve a floating offshore facility to link subsea wells to Greece and Italy.
Implications for Greece and Europe
Greece now produces only very small quantities of oil and any discovery of gas will help the country cover both domestic demand and start exporting to Europe.
(Reporting by Angeliki Koutantou; Editing by Janane Venkatraman)
