Port role in Block 2 drilling campaign
The Greek port of Igoumenitsa has been selected as the logistics base for planned exploration drilling in offshore Block 2 in the Ionian Sea. The selection brings Greece closer to its first offshore natural-gas exploration well in several years.
Igoumenitsa was chosen because of its proximity to the northwestern Ionian exploration area. Compared with Patra, the port offers shorter routes for transporting personnel, equipment and supplies. This is expected to reduce mobilisation time and operating costs during the drilling campaign.
The port is set to act as the central onshore support location for offshore operations. It will provide equipment storage, material handling, technical services and workforce coordination. The decision also gives Igoumenitsa a potentially larger role in Greece’s upstream energy sector if the initial drilling campaign leads to further exploration activity.
Regulatory steps and timing for first well
The consortium is expected to submit an Environmental Impact Study, enabling the remaining regulatory process to continue. Subject to permits and final approvals, drilling of the first exploration well is scheduled to start in February 2027.
Licence operator and ownership structure
The licence is operated by ExxonMobil, which increased its participation after acquiring a 60% interest in late 2025. Energean holds 30%, while Helleniq Upstream controls the remaining 10%.
Block 2 is described as one of Greece’s most advanced offshore exploration licences. The first well is expected to generate geological data on the hydrocarbon potential of the northwestern Ionian Sea. It is also expected to influence future capital allocation across other Greek offshore acreage.
Strategic context for natural gas supply profile
The drilling campaign has a wider strategic dimension linked to Greece’s role as an LNG and regional gas-transit market. The source indicates that commercial domestic production would create a different supply profile and could reduce part of the country’s long-term import exposure.
The investment case remains dependent on drilling results, development costs, permitting and the future role of natural gas in the European energy system.
