ExxonMobil set for majority equity stake in prospective block offshore Greece

ExxonMobil has reached an agreement to farm into the Block 2 exploration concession in the northwestern Ionian Sea, offshore Greece.

This is located adjacent to the Italian Exclusive Economic Zone. ExxonMobil will acquire a 60% interest from current partners Energean and HELLENiQ ENERGY Upstream, which will retain respectively 30% and 10% equity.

Energean will remain operator during the exploration phase: if a commercial hydrocarbon discovery follows, ExxonMobil will assume operatorship for the development.

Processing and interpretation of 2,244 sq km of 3D seismic data acquired over the block confirmed the Asopos prospect as the most mature target for exploratory drilling.

According to Energean, this is the largest unexplored offshore structure detected to date in the Mediterranean Sea.

Completion of the farm-in is subject to government approvals. At present, Energean expects drilling to begin in late 2026 or early 2027, assuming receipt of permits from the competent authorities.

It would represent the first exploratory drilling offshore Greece since 1981, when the Katakolo discovery well was completed. Over the past two decades, Energean added, it has been responsible for the country’s sole offshore wells, all producers at the Prinos complex offshore western Greece.