CEO of Energean Energy hopes to make a major discovery in the western Greek waters

Energean, an oil and gas producer in Greece, will be aiming for a large discovery of hydrocarbons near western Greece. The first test drilling could begin as early as next year.

ExxonMobil joined Energean, Greece's largest oil refiner Helleniq Energy and other companies to explore for gas in the Ionian Sea last year as the United States?seeks?to play a greater role in Europe's efforts to replace much of the Russian gas after Moscow's invasion in Ukraine.

"We aim for a 'big discovery, but it won't mean anything if the first drilling doesn't?succeed," said Rigas at a ceremony held in Athens where Energean commissioned?Sweden Stena Drilling?to drill the first well.

Rigas stated that the drilling of Block 2, which covers 1,000 square kilometers, would be the first deep sea test drilling to take place in Greece for almost 40 years. Once permits are obtained, it could happen in February 2027.

He added that the "Asopos structure" could contain recoverable deposits of gas and oil up to 6-7 trillion cubic foot, with a 16% chance of success.

He said that "the chances are very high" and added that the project would include a floating offshore facility linking subsea oil wells in Greece and Italy.

Greece currently produces very little oil and any gas discovery will allow the country to meet its domestic needs as well as export to Europe. (Reporting and editing by Janane Vekatraman; Angeliki Koutantou)

(source: Reuters)