The contract for the implementation of an exploratory hydrocarbon drilling project in “Block 2” in the north-western Ionian Sea is being signed today, Wednesday, at the Ministry of Environment and Energy.
The agreement marks a significant step towards the execution of the drilling, which is scheduled for February 2027 and will be the first of its kind in Greece in more than 40 years.
The contract is being signed between the consortium of ExxonMobil, Energean, and HELLENiQ Energy—which holds the exploration rights in the area—and Stena Drilling. The signing is taking place in the presence of Environment and Energy Minister Stavros Papastavrou, US Ambassador Kimberly Guilfoyle, and Swedish Ambassador Håkan Emsgård. A presentation of the drilling programme by the consortium will follow.
An initial agreement for the exploratory drilling was signed in Athens in November, coinciding with the entry of ExxonMobil into the consortium with a 60% stake. Energean now holds 30% (down from 75%), while HELLENiQ Energy holds 10% (down from 25%).
According to available data, Block 2 is considered the most mature concession for exploratory drilling, aimed at confirming the presence of commercially exploitable hydrocarbon deposits, with a success probability estimated at 15–18%. The exploratory well “Asopos-1” will target a potential carbonate reservoir at a depth of 4,000 metres and concerns a possible natural gas deposit of approximately 200 billion cubic metres.
The drilling will be carried out by the Stena DrillMAX, a sixth-generation drillship built in 2007 by Samsung Heavy Industries and operated by Stena Drilling.
The vessel is designed for ultra-deepwater operations, capable of operating in water depths of up to 10,000 feet (3,000 metres) and drilling to depths of up to 35,000 feet (over 10 kilometres), enabling access to previously unreachable reserves.
Its performance is supported by advanced technological systems, including dynamic positioning (DP3), which uses computer-controlled thrusters to maintain position without anchoring, and a dual-activity drilling system that allows simultaneous operations, reducing time and cost.
The vessel is also equipped with a blowout preventer (BOP), a critical safety system that controls pressure and seals the well in case of emergency, preventing uncontrolled oil or gas leaks—an essential feature under increasingly strict environmental standards.
These capabilities allow the vessel to operate continuously and safely under challenging conditions. It measures 228 metres in length and 42 metres in width, with a carrying capacity of approximately 97,000 tonnes and accommodation for up to 180 crew members.
It also features extensive storage capacity for fuel and equipment, enabling long-duration missions without resupply, along with onboard power generation systems, heavy-lift cranes, specialised drilling equipment, and environmental protection safeguards.
The Stena DrillMAX is the first drillship to receive the DNV “Abate (P)” certification for emissions reduction and improved energy efficiency.
