ExxonMobil entry to restart exploration drilling off Greek after decades

ExxonMobil entry to restart exploration drilling off Greece after decades

Greece

ATHENS, November 7, 2025 – ExxonMobil has taken a 60% stake in a block off Greece, paving the way for the country’s first offshore exploratory drilling since 1981, partner Energean said on Thursday.

The farm-in agreement sees Energean reduce its Block 2 stake to 30% and HELLENiQ ENERGY to 10%, with Energean remaining operator during the exploration phase and ExxonMobil assuming operatorship if a discovery is made. Completion of the deal is pending government approvals.

Exploratory drilling is expected in late 2026 or early 2027, contingent on permit approvals and timeline extensions.

Block 2, adjacent to Italy’s EEZ, is considered Greece’s most mature offshore concession and includes the Asopos structure, the largest unexplored offshore structure in the Mediterranean.

“We look forward to working with the Greek government and our partners to evaluate the exploration potential of Block 2 in a safe, effective and environmentally responsible manner,” ExxonMobil vice-president of global exploration Dr John Ardill said.

Map shows Block 2 location in the Ionian Sea (courtesy of Energean)

“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,” Energean CEO Mathios Rigas said.

“Block 2 has reached the exploration well phase and the partnership with ExxonMobil will help advance the asset’s development further and faster,” HELLENiQ ENERGY CEO Andreas Shiamishis said.

In Europe, ExxonMobil has existing activities in exploration offshore Cyprus. Its entry into Greece will further its contribution to regional energy diversification and security.