The “x-ray” of the structure of the “Asopos” exploration target, in “block 2” west of Corfu, was announced yesterday by Energean, which is the leader of the exploration consortium in the area, on the occasion of the signing of the contract for the lease of the Stena Drilling floating drilling rig to be used in the area.
This “x-ray” resulted from the 3D seismic surveys carried out in 2022 over an area of 1,000 square kilometres from which the “Asopos” target at a depth of 4,622 metres was determined on the one hand, and on the other hand the estimate for the potential of the area reaching 270 billion cubic metres of natural gas.
According to yesterday’s presentations, Italy is also entering the exploitation “frame” as “block 2” is adjacent to the Italian EEZ and the target – according to estimates and earlier seismic surveys conducted there – may extend into the neighbouring country. Energean, which previously held the exploration rights in the adjacent area, has submitted a request to the Italian authorities for a re-concession. However, the company’s chief executive Mathios Rigas said yesterday that if successful, Asopos could supply both the Greek and Italian markets.
The next “bet” is the implementation of a “tight” schedule for the implementation of the prerequisites for the drilling. The main milestones are the submission of the Environmental Impact Study to the Ministry of Environment by June 15, its approval by next November and the selection of the port through which the required materials will be handled, with the ports of Patras and Igoumenitsa being the most preferred. The aim is to start drilling on February 14 and complete it by February 27 of the same month.
If successful, a long period of preparation for exploitation follows, requiring an investment of €5 billion and with a horizon of 3.5-4 years for hydrocarbon production to start. In this case ExxonMobil, which has owned 60% of the exploration consortium since last November (Energean has 30% and HelleniQ Energy 10%), will take over the role of operator, which Energean holds during the exploration period)
As for concerns about possible environmental problems, Rigas yesterday cited the company’s track record of 21 drilling operations in Prinos and 10 others internationally at depths of more than 800 metres, without accidents.
The economic benefit for the country if the optimistic scenarios are confirmed includes €10 billion in revenue for the state over 20 years, investments of more than €5 billion, new jobs and a reduction in the current account balance from the cost of importing gas. Moreover, as the Minister of Environment and Energy Stavros Papastavrou pointed out yesterday, speaking at the signing ceremony of the contract: “This is a historic moment because, if the strong indications of the presence of natural gas at the Asopos 1 point are confirmed and allow commercial exploitation, this will lead our country to a leap in economic development and geopolitical power. These partnerships strengthen Greece’s position in the new energy architecture and create prospects for further investments in the future. Energy is becoming a comparative advantage for our country and a stable bridge connecting Europe and America.”
