Greece Signs Offshore Gas Exploration with ExxonMobil

Greece has reached a major agreement for gas exploration in the Ionian Sea. ExxonMobil is joining Energean and Helleniq Energy in Block 2, located 30km northwest of Corfu.

Under the deal, ExxonMobil will take a 60 percent stake. Energean’s share will drop from 75 percent to 30, and Helleniq Energy will hold 10 percent.

Energean will run the exploration phase. If they find gas, ExxonMobil will take over operations for development. Exploratory drilling is planned for late 2026 or early 2027, but only if all approvals are secured and the exploration phase is extended.

Block 2 is considered one of Greece’s most ready licences for drilling. In 2022, over 2,200 square kilometres of seismic data were collected, highlighting a structure called “Asopos” as a promising target.

There is potential for this area to hold up to 200 billion cubic meters of natural gas, according to estimates from Energean. ExxonMobil is expected to invest between $50 million and $100 million in this phase. If gas is confirmed and developed, first production is expected in the early 2030s.

Source:

Greece gearing up for offshore exploration revival as ExxonMobil joins Ionian Sea block 6 November, 2025

ExxonMobil joins offshore hydrocarbon exploration in Greece 14 November, 2025

Exxon enters Greece with gas deal that expands US footprint in eastern Med 6 November, 2025