Oil exploration in the Ionian Sea, in western Greece, entered its second phase after the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) announced the consortium of Energean-ExxonMobil and HELLENiQ ENERGY had officially submitted its intent to continue operations in Block 2.

ExxonMobil has officially joined the Block 2 offshore hydrocarbon concession in Greece as a co-lessee, following a ministerial decision approving the transfer of participating interests from existing partners Energean and HELLENiQ Energy, effective March 10.

The American oil giant had announced its intention to enter the consortium at the 6th Transatlantic Energy Cooperation session (P-TEC), held in Athens in November 2025.

Block 2 was originally awarded to a consortium of TotalEnergies, Edison International and HELPE under a lease agreement signed by the Greek state on October 31, 2017 and ratified by Law 4525/2018, granting exclusive rights for hydrocarbon exploration and production in the area. The consortium has undergone several changes in composition since then, culminating in ExxonMobil’s entry alongside Energean and HELLENiQ Energy.

Having fulfilled their obligations under the first phase and assessed the area’s hydrocarbon potential favorably, the consortium is now committed to carrying out at least one exploratory well as part of the Minimum Work Programme required under the second phase.