Finance
Energean, ExxonMobil Move to the Next Exploration Phase in Greek Offshore Block
Published by Global Banking & Finance Review®
Posted on March 19, 2026
2 min readLast updated: March 19, 2026
Quick Summary
Energean, ExxonMobil and Helleniq Energy’s joint venture has formally entered the second exploration phase for offshore Block 2 in the Ionian Sea—marking Greece’s first exploratory drilling in over four decades, with drilling anticipated between late 2026 and early 2027.
Energean, ExxonMobil Proceed with Offshore Gas Exploration in Greece
Joint Venture Advances Offshore Gas Exploration Efforts
Background of the Exploration Initiative
ATHENS, March 19 (Reuters) - A joint venture by Energean, ExxonMobil and Helleniq Energy has notified Greece it would look for gas in a western offshore bloc, the nation's hydrocarbons management agency said on Thursday, a move that would involve the first test drilling in the country for decades.
Details of the Joint Venture Agreement
In a deal announced last year, U.S. oil major ExxonMobil joined Energean and Helleniq Energy, Greece's biggest oil refiner, to explore for natural gas in Block 2 in the Ionian Sea.
Next Steps in the Offshore Drilling Project
After assessing the area's potential, the joint venture notified the agency of its plans to proceed to the second phase, which also includes the first offshore exploration drilling in 40 years, the state-owned Hellenic Hydrocarbons and Energy Resources Management Company said in a statement.
Strategic Importance for Europe and Greece
U.S. Role in Europe's Energy Security
The United States, which holds vast reserves of natural gas, seeks to increase its share in Europe's energy mix via liquefied natural gas as the European Union seeks to replace Russian gas in the coming years.
Greece's Energy Ambitions
Greece, which produces small volumes of oil and relies on gas imports for power generation and domestic consumption, has been keen to explore for gas and bolster its role as a transit route for Europe.
(Reporting by Angeliki KoutantouEditing by Tomasz Janowski)
Key Takeaways
- •ExxonMobil holds a 60% stake in the Block 2 joint venture, with Energean at 30% and Helleniq Energy at 10%; Energean remains operator during exploration, ExxonMobil will lead development if gas is discovered (offshore-mag.com).
- •The Asopos‑1 structure, confirmed via 2,244 sq km of 3D seismic data, is the most mature drilling target and could hold up to 200 billion cubic meters of natural gas (offshore-mag.com).
- •This move marks the first exploratory offshore drilling in Greece since 1981 (Katakolo field) and follows only production wells in recent years at Prinos by Energean (offshore-mag.com).
References
Frequently Asked Questions about Energean, ExxonMobil move to the next exploration phase in Greek offshore block
1Which companies are involved in the Greek offshore gas exploration?
Energean, ExxonMobil, and Helleniq Energy are collaborating on offshore gas exploration in Greece.
2Where is the new exploration taking place?
The exploration will take place in Block 2 of the Ionian Sea, off the western coast of Greece.
3What is significant about this phase of the project?
This stage includes the first offshore exploration drilling in Greece in 40 years.
4Why is Greece exploring for natural gas offshore?
Greece aims to increase domestic gas supply, reduce imports, and strengthen its role as a transit route for European energy.
5What role does the United States play in European gas supply?
The U.S., with vast gas reserves, seeks to boost its share in Europe's energy market through LNG exports.
