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Hydrocarbon Exploration: "Asopos" Target in Ionian Sea Block 2 Holds Estimated 270 Billion Cubic Meters of Natural Gas
🇬🇷 Greece /Economy & Trade

Hydrocarbon Exploration: "Asopos" Target in Ionian Sea Block 2 Holds Estimated 270 Billion Cubic Meters of Natural Gas

From Ta Nea · (9h ago) Greek Positive tone

Translated from Greek, summarized and contextualized by DistantNews.

TLDR

  • Energean has revealed details of the "Asopos" target in Block 2 of the Ionian Sea, estimating a potential of 270 billion cubic meters of natural gas.
  • The discovery could significantly boost Greece's energy resources, with potential to supply both Greek and Italian markets.
  • Drilling is scheduled to begin in February 2026, following environmental impact assessments and logistical preparations.

Greece stands on the cusp of a potentially transformative energy discovery in the Ionian Sea. Energean, leading the exploration consortium, has unveiled promising data regarding the "Asopos" target in Block 2, west of Corfu. The "radiography" of this undersea structure, derived from 3D seismic surveys, indicates a staggering potential of 270 billion cubic meters of natural gas. This figure is monumental for Greece, dwarfing our annual consumption, and represents a significant stride towards energy independence and economic prosperity.

The implications of this discovery extend beyond our national borders, with the "Asopos" target potentially straddling the maritime boundary with Italy. Energean's proactive engagement with Italian authorities for exploration rights underscores the cross-border significance. The prospect of supplying both the Greek and Italian markets from this single source highlights the strategic importance of this find, positioning Greece as a key energy player in the region. This aligns with our national strategy to leverage our geographical advantages for economic gain and energy security.

This radiography resulted from three-dimensional seismic surveys conducted in 2022 over an area of 1,000 square kilometers, which identified the "Asopos" target at a depth of 4,622 meters and estimated the region's potential at 270 billion cubic meters of natural gas.

— EnergeanDescribing the seismic survey results and the estimated gas reserves in Block 2.

While international attention might focus on the technical aspects and potential market dynamics, for Greece, this is about securing our future. The timeline is ambitious, with drilling slated for February 2026, contingent on swift environmental approvals and logistical arrangements. The projected investments of around 5 billion euros and the creation of new jobs are vital for our economy. Furthermore, the potential to significantly reduce our reliance on imported natural gas and improve our current account balance is a national priority. This exploration is not merely about finding gas; it's about unlocking a new era of economic development and energy self-sufficiency for Greece.

In case of success, "Asopos" can supply both the Greek and Italian markets.

— Mathios RigasEnergean CEO commenting on the potential market reach of the natural gas discovery.
DistantNews Editorial

Originally published by Ta Nea in Greek. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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