Energean has unveiled the detailed structural mapping of the Asopos exploration target, located in Block 2 west of Corfu, following the signing of a contract for the lease of a floating drilling rig from Stena Drilling, which will be deployed in the area.
The structural assessment is based on 3D seismic surveys conducted in 2022 across an area of 1,000 square kilometers. These surveys identified the Asopos target at a depth of 4,622 meters and provided an estimated resource potential of up to 270 billion cubic meters of natural gas.
This represents a significant volume by Greek standards – given annual domestic consumption of approximately 6-7 bcm, even when factoring in a recoverability rate of 50-60%. The project may also have cross-border implications, as Block 2 lies adjacent to Italy’s Exclusive Economic Zone, and the reservoir could potentially extend into Italian territory, based on both current estimates and earlier seismic data.
Energean, which previously held exploration rights in the neighboring area, has submitted a request to the Italian authorities for a new concession. According to CEO Mathios Rigas, a successful discovery could supply both the Greek and Italian markets.