According to MarketScreener (via Reuters), a joint venture made up of Energean, ExxonMobil and Helleniq Energy has notified Greece of its intention to move into the second phase of exploration in Block 2 in the Ionian Sea. What makes the announcement especially significant is the inclusion of the country’s first offshore exploration drilling activity “in 40 years,” as cited by the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA), the state-owned company responsible for managing these resources.

At a time when Europe is still seeking supply stability and resilience, this news should be read as both an industrial and a geopolitical signal: Greece aims to strengthen its energy role, and the presence of a player such as ExxonMobil points to a long-term trajectory. The most concrete assessment, however, concerns the operational dimension: an advanced exploration phase changes technical, contractual and plant-engineering priorities across the entire gas value chain.

What “second phase” means in an exploration project

In upstream project terminology, moving into the second phase is not a formal detail: it generally means that the data collected (geological studies, geophysics, interpretations and preliminary assessments) are considered sufficient to justify activities that are more demanding in terms of cost, risk and planning. In the case of Block 2, the second phase explicitly includes exploration drilling, that is, the moment when the geological hypothesis is subjected to the most tangible test possible: the well.

One point should be stressed: exploration is not the same as development. Even with a positive technical outcome, decisive steps still remain (economic assessments, development plans, permits and infrastructure connections). However, the start of drilling often marks the dividing line between “potential” and a “credible industrial pathway.”

Implications for the gas value chain: from the well to the market

The news is also a reminder of how interconnected the gas value chain is: from site selection and offshore logistics to the treatment and metering requirements that will emerge if the discovery is deemed commercially viable. In the case of western Greece, Reuters had already framed the project as part of the strategy to strengthen the U.S. presence in the Mediterranean and European diversification, also highlighting operational elements such as ownership shares and indicative timelines.

More specifically, Reuters (November 2025) reported that ExxonMobil would hold a 60% stake, with Energean at 30% and Helleniq at 10%, and that the first exploration well was expected between late 2026 and early 2027, with an estimated investment of between $50 million and $100 million and a possible production start in the “early 2030s” in the event of success.

From an industrial standpoint, this information points to a key consideration: when the time window is relatively close, the difference between a “manageable” project and a “fragile” one often depends on the ability to standardise technical choices, reduce variations and secure the supply chain.

From discovery to development: which plant-engineering choices become decisive

If an offshore gas project moves from exploration to development, three families of decisions quickly emerge:

1. Gas treatment and quality: fluid composition, impurities, possible presence of liquids, and filtration and separation requirements. This is where solutions such as filtration and separation systems become central 
2. Metering and regulation: for any scenario involving grid injection or transfer to transport infrastructure, metering and pressure reduction/control are critical assets for reliability, compliance and commercial management. A natural reference point is the architecture of pressure reduction and metering stations 
3. Modularity and timing: execution speed depends on the ability to industrialise whatever can be industrialised. In this context, modular packages reduce uncertainty, simplify integration and accelerate commissioning activities.

It is reasonable to believe that, in the Mediterranean, where environmental constraints and logistical complexity increase indirect costs, optimising the engineering and procurement phase becomes a substantial competitive advantage, not merely an efficiency exercise.

The role of modular systems: speed, standardisation, risk reduction

Integrated modular systems have specific value in gas projects because they make it possible to “close out” portions of the plant in configurations that can be tested and qualified before delivery. From a methodological standpoint, this means greater predictability in timing, quality and performance, especially when the final sites have stringent constraints and access is costly.

In terms of project strategy, modularity also enables a phased path: starting with configurations sized for initial phases (for example early production or asset readiness) and scaling up later. In practice, this approach limits the risk of oversizing and protects capital at a stage where geological and commercial uncertainty has not yet been fully resolved.

Operational points that tend to generate value (summary):

• reduced installation times and minimised on-site activities;
• greater control over quality and factory testing;
• more orderly integration between skids and the client’s systems;
• reduced interface risks during commissioning and start-up.

How Forain can support the evolution of offshore gas projects

Forain operates in the design and manufacture of solutions for gas treatment, metering and heating, with consolidated expertise in filtration, separation, conditioning, pressure reduction and metering stations and modular packages. In the case of exploratory initiatives that evolve toward development scenarios, the technical contribution typically focuses on:

• design of modular solutions that can be integrated into development plans;
• definition of reliable architectures for metering and regulation;
• engineering management aimed at reducing variations and lead times;
• adoption of quality standards consistent with a highly critical sector

In an industrial assessment, the ability to deliver turnkey solutions and to control the entire cycle, from design to qualified construction, is an enabling factor when a project moves from the exploration stage to the execution stage: timelines compress and tolerance for unforeseen events decreases.

Risks and points of attention: timing, supply chain, permits

Even with a clear direction, variables remain that can influence the trajectory of the Block 2 project:

• Permits and acceptability: offshore projects in the Mediterranean are often subject to complex processes and public scrutiny.
• Supply chain and equipment availability: operating windows and yard capacity can change quickly.
• Data quality and investment decisions: a drilling result may require appraisal, revisions and alternative scenarios.

This is a situation in which project discipline—interface governance, plant standardisation and document traceability—often becomes the real difference between smooth progress and an accumulation of delays.