Block 2

Block 2 license, west of Corfu, granted 12-month extension

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EDEYEP, the Hellenic Hydrocarbons and Energy Resources Management Company, has granted a 12-month extension, until March, 2025, to a hydrocarbon exploration license held by Energean and Helleniq Energy, formerly Hellenic Petroleum (ELPE), for offshore Block 2, west of Corfu and reaching the marine border with Italy.

The extension was granted following a request submitted by Energean, head of the two-member consortium exploring Block 2, to allow more time for the establishment of a land-based logistics base.

Meanwhile, processing of 3D data collected at Block 2 by geophysical services company PGS on behalf of the consortium is nearing completion, energypress sources informed. Signs to date are promising, indicating that drilling at the designated marine area is highly likely.

The two consortium members are expected to decide on whether to explore the offshore plot further over the next 12 months. If not, Energean and Helleniq Energy will be required to return their license to the Greek State.

Energean expecting 3D survey results for Block 2 within ’23

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International hydrocarbon exploration and production company Energean expects to receive the results of a 3D seismic survey conducted by PGS last November at offshore Block 2 license, west of Corfu and reaching the marine border with Italy, within 2023, probably in the second half of the year, energypress sources have informed.

Energean heads a consortium also involving Helleniq Energy, formerly Hellenic Petroleum (ELPE), for this license.

Once the PGS findings have been received, Energean, depending on the prospects, may go ahead with exploratory drilling in 2024.

Energean expects to begin drilling sooner at its onshore Ioannina block, in the country’s northwest, as this license is at a more advanced stage. The company is currently writing up its response to observations raised, during consultation, on this venture’s environmental impact.

Energean may commence drilling at the Ioannina block in 2024 if an environmental permit is issued by autumn, a best-case scenario.

Helleniq Energy CEO Andreas Siamisiis has informed that no investment decisions are expected in 2023 for the company’s other offshore licenses, off Crete and in the Ionian Sea.