Energean is considering invoking the same reasons as a year ago in order to obtain a new extension of the concession license for block 2, which expires on March 15.
Τhe next step after the end of the current development phase of the concession is the decision on whether or not to conduct exploratory drilling, which will also mean the transition to the next stage of maturation of the research. However, as competent sources clarified, appropriate port infrastructures that can support such a process have not yet been formed, resulting in the delay of the project.
The joint venture of Energean and HELLENiQ Energy, with the former acting as operator in the scheme in a ratio of 75%-25%, had requested and received a similar extension one year ago, which will be completed on March 15, 2025. The decision of the Hellenic Hydrocarbon and Energy Resources Management Company (EDEYEP) specifically stated, among other things, “in order to provide more time to secure a suitable onshore logistics base.” However, in statements to “N”, officials pointed out that the issue of port infrastructure remains pending. As a result, the joint venture is unable to proceed with the decision to conduct exploratory drilling.
In search for a partner
In addition, the consortium led by Energean, which “runs” the research and development work of the concession as the main manager, is in the process of finding an (international) partner in order to further “shield” the maturity framework of the plot in an environment of uncertainty and intense volatility. On this basis, as the same sources reported, the request for an extension constitutes a “one-way street” in order to keep the plans for the development of block 2 alive.
The identity of Block 2
Block 2 is located in the Ionian Sea, 30 km west of Corfu. The western boundary is the maritime boundary between Greece and Italy. The water depths range from 500 m. to 1,500 m. and the area belongs to the geological unit of the Apulian platform. The existence of a confirmed petroleum system in Western Greece (West Katakolo) and in the Adriatic Sea makes this area particularly interesting. In 2022, 2,244 square kilometers of Three-dimensional (3D) seismic data were acquired with the results giving optimistic signals.
