Planned exploration well west of Corfu
A planned €60–70 million exploration well west of Corfu is scheduled for 2027 to test a potentially large Greek offshore gas prospect. The drilling outcome would determine whether the project can move beyond exploration. Under the consortium arrangement, ExxonMobil is positioned to take on the operating role if drilling confirms a commercially viable discovery.
Asopos 1 timing and resource estimates
Drilling at Asopos 1 in Block 2 is set to begin in April 2027. The prospect is estimated to contain around 200 billion cubic metres of potential gas resources. The reported probability of commercial success is about 16%. The figures relate to an exploration opportunity rather than proven reserves.
Consortium roles and evaluation schedule
Energean will conduct the initial drilling, expected to take approximately 70 days, including evaluation. A fuller assessment could become available in May or June following that evaluation period. ExxonMobil holds 60% of the block, Energean has 30%, and Helleniq Energy holds 10%.
Appraisal requirements and potential production timeline
A successful exploration well would still require appraisal before any development decisions. Up to four additional wells could be needed, with work unlikely to start before 2028 due to permitting, equipment and rig requirements. If exploration, appraisal and development proceed without major delays, production could potentially begin around 2030. For now, the investment decision depends on whether the first well can establish sufficient reservoir quality and scale for a larger offshore commitment.
