Block 2 drilling in the Ionian Sea delayed to April 2027

The start of exploratory hydrocarbon drilling in maritime Block 2, located west of Corfu in the Ionian Sea, has been rescheduled to April 2027. Originally planned for February 2027, the two-month delay is due to the Stena Drillmax drilling rig being delayed at a previous project abroad.

The consortium responsible for the project includes ExxonMobil (60%), Energean (30%), and Helleniq Energy (10%), with Energean serving as the operator. The consortium has noted that the delay falls within the contractual time windows provided for such operations and does not constitute a breach of contract.

This project is significant as it represents the first hydrocarbon drilling in Greece in several decades, with an estimated natural gas potential of 270 billion cubic meters in the region. The drilling is expected to reach a depth of 4,622 meters at a cost of approximately 60-70 million euros. Meanwhile, the environmental impact assessment process is ongoing, with approval expected by the end of the year.