Planned 2027 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. ExxonMobil would be positioned to become operator if drilling confirms a commercially viable discovery. The project is described as an exploration opportunity rather than proven reserves.
Asopos 1 timing, resources and commercial success odds
Drilling at Asopos 1 in Block 2 is set to start in April 2027. The prospect is estimated to contain around 200 billion cubic metres of potential gas resources, with the reported probability of commercial success at about 16%. Energean will carry out the initial drilling phase.
Drilling duration, assessment window and consortium shares
The initial drilling is expected to take approximately 70 days, including evaluation. A fuller assessment could be available in May or June following the initial work. Under the consortium agreement, ExxonMobil holds 60%, Energean has 30%, and Helleniq Energy holds 10%.
Appraisal requirements and potential production timeline
If the exploration well is successful, appraisal would still be required. Up to four additional wells could be needed, with work unlikely to begin before 2028 due to permitting, equipment and rig requirements. Production could potentially start around 2030 if exploration, appraisal and development proceed without major delays.
The investment decision depends on whether the first well can establish sufficient reservoir quality and scale to justify a larger offshore commitment.
