A deal was signed for ExxonMobil to acquire a 60% stake in the Energean-HelleniQ Energy consortium that holds exploration rights in “Block 2” of the Ionian Sea. The next step is to proceed to an exploration well, the first offshore exploration drilling in Greece since 1986.
The agreement was signed in the presence of US Energy Secretary Chris Wright, US Interior Secretary and head of the National Council on Energy Sovereignty Doug Burgum, Greece’s Environment and Energy Minister Stavros Papastavrou, and US Ambassador Kimberly Guilfoyle. Signatories were ExxonMobil VP Global Exploration Dr John Ardill, HelleniQ Energy CEO Andreas Siamisiis, and Energean Group CEO Mathios Rigas.
Why it matters
The announcement, amid the 6th Partnership for Transatlantic Energy Cooperation (P-TEC) in Athens (6-7 November), underlines deepening US-EU energy cooperation and Greece’s growing role as a regional gas hub. Greek officials frame the move as a vote of confidence and a catalyst for new strategic deals and investment.
Ownership and operatorship
Current and post-deal stakes in Block 2: ExxonMobil 60%, Energean Hellas 30% (down from 75%), HelleniQ Upstream West Corfu 10% (down from 25%).
Energean remains Operator during the exploration phase. If hydrocarbons are discovered and the project proceeds to development, ExxonMobil will assume operatorship.
Block 2 at a glance
• Location: Ionian Sea, ~30 km west of Corfu, area 2,422.1 sq km; water depth 500–1,500 m; Pre-Apulian geological zone.
• Work so far: 2,244 sq km of 3D seismic acquired in 2022 (Ramform Hyperion), confirming “Asopos” as the most mature drill target.
• Prospect: Asopos-1 to test a carbonate reservoir at ~4,000 m total depth (water depth ~850 m). Initial GIIP estimate ~7 tcf (~200 bcm).
• Chance of success: 15–18% (high risk–high reward), per Greek energy ministry sources.
Timeline and next steps
A final decision on drilling is expected by March 2026, allowing the consortium to move into the next exploration phase under EDYEYP (Hellenic Hydrocarbon and Energy Resources Management Company S.A.), with the first well planned for late 2026 or early 2027, pending permits and possible extensions. ExxonMobil’s Dr John Ardill said the company “looks forward to working with the Greek government and our partners to evaluate Block 2’s potential in a safe, efficient and environmentally responsible way.” Energean CEO Mathios Rigas added that “only by drilling will we know if Greece truly has natural gas, this could be a turning point for the country’s energy security.” HelleniQ Energy’s Andreas Siamisiis noted that “Block 2 is mature for exploration; collaboration with ExxonMobil should accelerate its development and support Greece’s emergence as a promising hydrocarbon province.”
Live video from P-TEC in Athens:
Four US cabinet members, 25 EU energy ministers and some 300 corporate representatives from Europe, the US and Australia are attending P-TEC in Athens, signalling intensified transatlantic coordination on gas flows and infrastructure.
Source: AMNA