Hydrocarbons: The goals of the joint venture with Helleniq Energy and Energean and the geopolitical aspect

ExxonMobil, Energean and HelleniQ Upstream have signed a Farm-In Agreement for Block 2, in the northwestern Ionian Sea, approximately 30 kilometers west of Corfu and adjacent to Italy’s EEZ.

Target: First drilling by 2027

The consortium plans to conduct the first offshore drilling in late 2026 or early 2027, provided that the required licensing procedures are completed in time and the exploration phase is extended.

This is the first offshore exploration drilling in Western Greece since 1981, when the Katakolo deposit was discovered. Since then, the only offshore activities have been productive drilling in Prinos.

Block 2 extends over 2,422 square kilometers in the northwestern Ionian Sea, with water depths ranging from 500 to 1,500 meters, and belongs to the geological unit of the Pre-Apulian Zone – one of the most promising in the Mediterranean.

The success of the “Asopos-1” drilling will confirm a new geological scenario and could make Greece a major player in the Mediterranean natural gas market, strengthening both its energy security and its role as a bridge between Europe and the Eastern Mediterranean.

With the participation of ExxonMobil, Greece gains access to international expertise and capital, at a time when energy autonomy and security of supply are at the heart of the European agenda.

Exploration drilling in Block 2 is not just another step in the hydrocarbon sector. It is a test of the country’s credibility, environmental maturity and international attractiveness as an investment destination – and a first, essential step towards Greece’s return to its energy geography.

Dr. John Ardill, Vice President, Global Exploration, ExxonMobil, noted: “We look forward to working with the Greek government and our partners to evaluate the exploration potential of Block 2 in a safe, efficient and environmentally responsible manner. This significant exploration agreement paves the way for future investments in exploration drilling in the 2027 timeframe.”

Mathios Rigas, CEO, Energean Plc, said: “Partnering with ExxonMobil on Block 2 is not just a new business deal. It is a national opportunity to demonstrate that Greece can achieve energy independence by responsibly exploiting its domestic energy resources. Only through drilling will we know if there is indeed natural gas in our country. The success of this initiative could be a turning point for Greece’s energy security and the future of future generations.”

Andreas Shiamishis, CEO, HELLENiQ Energy, noted: “Greece is emerging as one of the newest and most promising regions in Europe for hydrocarbon exploration and development. This collaboration with ExxonMobil will help in the faster and more efficient development of Block 2. This transaction is a positive step not only for the consortium partners, but also for the Greek economy.”

Government sources described the agreement as a “strong vote of confidence” in the Greek economy and in the prospect of exploiting domestic underwater wealth with environmental responsibility.

As they stated, “the government is consistently and confidently implementing its strategy for energy security and development of the hydrocarbon sector with a long-term horizon. ExxonMobil’s participation is a clear message of confidence in the stability and attractiveness of the country.”