Summary by SKAI AI
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- American Chevron participates with 70% in "block 10" in the Kyparissis Gulf, opening the prospect of second research drilling of hydrocarbons in the Ionian region.
- Chevron described "block 10" as an area "interesting and unexplored".
- In "block 2" west of Corfu, the first drilling is planned for February.
- "block 10" has completed geological, environmental studies and seismic records of 2D and 3D, with the first 3D recording covering 88% of the concession.
- Execution of research drilling in "block 10" is predicted after 2027–2028, after assessing further 3D seismic data in the neighbouring block A2.
The prospect of performing a second research drilling for Hydrocarbons in the Ionian region opened after the entry of the American Chevron in "block 10", in the Cypriot Gulf, which the Andrew Deighan, Director of Middle East and North Africa Research of the American multinational described as an area "interesting and unexplored". At the same time significant developments are imminent in "block 2" west of Corfu where the first drilling is scheduled for the following February.
Chevron's participation in "block 10" with 70% was already approved in record time, as the request was submitted on 28 May and the procedures were completed last week. Thus, its share HELLENIQ ENERGY which held the entire concession is formed at 30%.
Block 10 is in the 2nd research phase as geological and environmental studies have been completed, but also two-dimensional (2D) and three-dimensional (3D) seismic records. Specifically an acquisition of 1,210 km of seismic 2D was made in 2022, and the acquisition of 2.416 square kilometres of seismic 3D covering 88% of the concession was first followed. The next step is to perform three-dimensional seismics in the neighbouring block A2, the evaluation of this data and the decision to perform a research drilling which is placed after 2027 – 2028.
It will be preceded in February 2027, in accordance with the timetable in force, the drilling in "block 2" west of Corfu, shareholders of which are ExxonMobil with 60%, Energean (which also has the role of manager) 30% and HelleniQ Energy with 10%.
It is, it is recalled, the first research drilling in the country after 40 years to prepare for which significant developments are imminent. Over the next few days, the choice of the port to be used to support drilling will be finalized by the Consortium. Candidates are the ports of Patras, Igoumenitsa and Astakos. It will follow until the beginning of July the submission of the Environmental Impact Study on drilling, including the results of the basic environmental research expected over the next few days (for the recording of the bottom).
The assessment for the natural gas potential in the "Easy 1" region of "block 2" moves to 270 billion cubic meters (comparedly Greece's annual consumption is 6-7 billion cubic metres). The depth of the research drilling will reach 4622 meters and its cost will be 60-70m euros. If the drilling proves successful, a second research drilling will possibly be needed and if the existence of a commercially exploited field is confirmed, additional investments of EUR 5 billion will be needed for its development. In this case revenues for the Greek State at a depth of 20 years are estimated at 10 billion euros.
Source: RES – ICM
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