The American ExxonMobil is entering hydrocarbon exploration in the offshore Block 2 in the northwestern Ionian Sea, Greece, which was previously operated by Greek companies Energean and HELLENiQ ENERGY.
ExxonMobil acquires a 60 per cent stake in the concession, while Energean retains 30 per cent of its previous 75 per cent, and HELLENiQ ENERGY’s share decreases from 25 per cent to 10 per cent.
Energean will remain the operator of the concession during the exploration phase, and if hydrocarbons are discovered, ExxonMobil will assume operatorship during the development phase. Block 2 is currently the most mature concession in Greece in terms of readiness for exploration drilling, and the consortium is expected to decide on drilling in the near future. Completion of the transaction is subject to approval by the relevant government authorities.
Exploration drilling is expected to begin in late 2026 or early 2027. This will be the first offshore exploration drilling in Greece since 1981, when the Katakolo deposit was discovered. In the past twenty years, the only offshore drilling carried out was at Prinos by Energean.
Greece recently opened new offshore areas for hydrocarbon exploration, where the Chevron–HELLENiQ ENERGY joint venture can begin exploration.
