ExxonMobil Enters Greek Frontrunner Exploration Block

Exxon Mobil Corp has signed an agreement to acquire 60 percent in Block 2 in the Ionian Sea, paving the way for drilling in Greece’s “most mature concession”, operator Energean PLC said.

London-based Energean will have its stake reduced from 75 percent to 30 percent. The other owner, Hellenic Energy Holdings SA, will retain 10 percent, selling 15 percent, the two owners said in a joint statement online.

Block 2 sits in an “area of significant geological interest” in the northwestern Ionian Sea, where the license area borders Italy’s exclusive economic zone, the companies noted. “It is the largest unexplored offshore structure in the Mediterranean, with potential prospects to substantially enhance the energy security of Greece and the broader region”, they said.

“Block 2 is the most mature concession in Greece in terms of readiness for exploratory drilling”, the companies said.

“The exploratory drilling is expected to take place in late 2026 or early 2027, provided that all necessary approvals and permits are obtained in a timely manner from the competent authorities, and that the exploration phase is extended to ensure sufficient time for project completion within the planned schedule”, the companies added.

Over 2,200 square kilometers of 3D seismic data were already acquired 2022, according to the companies. “Their processing and interpretation confirmed that the Asopos structure is the most mature target for exploratory drilling”, the companies said.

“In the event of a hydrocarbon discovery, ExxonMobil will assume operatorship during the development stage”, the companies said.

The farm-in agreement needs government approvals and other customary conditions, they said.

Energean chief executive Mathios Rigas said, “This agreement represents an important step toward harnessing Greece’s natural resources and strengthening our country’s role on Europe’s energy map”.

“Collaboration with ExxonMobil in Block 2 is not just a new business venture; it is a national opportunity to prove that Greece can achieve energy independence, utilizing domestic energy resources responsibly and in line with the strictest international standards”, Rigas said.

“The success of this initiative could become a turning point for Greece’s energy security and for the future of the next generations”, Rigas added.

Helleniq Energy chief executive Andreas Shiamishis said, “Over the recent years, the Group has gradually acquired, and is developing, a highly promising portfolio of exploration blocks. Amongst them, Block 2 has reached the exploration well phase and the partnership with ExxonMobil will help advance the asset’s development further and faster”.

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