Greece is set to launch its first offshore drilling operation in four decades, following a landmark agreement signed in Athens on Thursday between Energean, HelleniQ Energy, and U.S. energy giant ExxonMobil. The deal, signed during the sixth meeting of the Partnership for Transatlantic Energy Cooperation (P-TEC) taking place at Zappeion Hall, marks a pivotal moment in the country’s energy ambitions and its drive toward greater self-sufficiency.
The partnership focuses on Block 2, an offshore area in the Ionian Sea west of Corfu, managed by Energean and HelleniQ Energy since 2020. The addition of ExxonMobil to the consortium brings global expertise and investment power to Greece’s most promising natural gas prospect.
Under the new agreement, the consortium’s ownership stakes are as follows:
- ExxonMobil: 60%
- Energean Hellas: 30%
- HelleniQ Upstream: 10%
Greek Minister of Environment and Energy Stavros Papastavrou called the agreement “a historic signing” that revives exploration after a 40-year hiatus.
“This farming agreement will bring technology and capabilities in the hydrocarbon area in Greece,” he said. “It will bring exploratory drilling back to Greece after 40 years. And if successful, it will provide Greece and Europe with domestic resources.”
Energean CEO Mathios Rigas highlighted both the project’s strategic value and its local roots.
“Block 2 in western Greece is a block that we have been working on since 2020,” Rigas said. “We believe it has the potential to make Greece energy independent. We are also very proud that this work has been done by Greek engineers, geoscientists, and geologists.”
He added that the company intends to maintain high environmental standards throughout the operation.
“Our commitment to the Greek people is that we are going to continue to operate with the same sensitivity as we did in Kavala,” he said. “It’s about time Greece finds its oil and gas resources.”
Based on recent three-dimensional seismic surveys, Block 2 could contain up to 200 billion cubic meters of natural gas—an amount that, if confirmed, could significantly bolster Greece’s energy security and contribute to Europe’s supply diversification.
The signing was attended by senior U.S. officials, including Secretary of Energy Chris Wright, U.S. Interior Secretary and Energy Czar Doug Burgum, and U.S. Ambassador to Greece Kimberly Guilfoyle.
Burgum framed the deal within a broader global context, stressing the importance of energy sufficiency.
“There is no energy transition—there is just energy addition,” he said. “We need more. Greece is taking their own natural resources, and we are working all together toward energy abundance—affordable, secure, and reliable.”
The first drilling rig is expected to arrive in 2026, following a one-year extension granted by the Hellenic Hydrocarbon and Energy Resources Management Company.
Energean CEO Mathios Rigas speaking exclusively to TO BHMA International Edition on the sidelines after the announcement highlighted that the timeline is realistic as the companies are ready “to start drilling tomorrow” but are “waiting for environmental permits”. He also reiterated the importance of this agreement for Greece. “We want this new chapter to give hope to the Greek people. Everyday we turn on the news, all we hear is bad news about murders and suffering. This is something positive for Greece that will lift the spirits of the Greek people.”
With ExxonMobil’s entry, Greece’s long-dormant offshore exploration program is gaining new momentum—potentially transforming the nation into a key energy player in the eastern Mediterranean.
Prime Minister’s statement
Greek Prime Minister Kyriakos Mitsotakis hailed the agreement as a defining milestone for the nation’s energy future.
“Today we are writing a new chapter in Greece’s energy history,” Mitsotakis said. “ExxonMobil, the American energy giant, is expanding its activity in our country. It already operates in two offshore blocks south and southwest of Crete, and now it takes the next major step: entering in a third block, in the Ionian Sea.”
He emphasized the broader significance of the project.
“With this new agreement, the company commits to proceeding with exploratory drilling within the next 18 months,” he said. “This is not just another investment—it is the first exploratory drilling in our country in nearly 40 years. A historic moment, a step of responsibility and vision. We are fulfilling our commitment to responsibly and strategically develop our national wealth: for a Greece that is energy secure, geopolitically strong, and attractive to investors.”
