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 US energy giant ExxonMobil.
The deal, formalized during the sixth meeting of the Partnership for Transatlantic Energy Cooperation (P-TEC) at Zappeion Hall.
The agreement focuses on Block 2, an offshore area in the Ionian Sea west of Corfu, which has been managed by Energean and HelleniQ Energy since 2020. ExxonMobil’s entry into the consortium brings global expertise and significant investment power to what is considered Greece’s most promising natural gas prospect.
Based on recent three-dimensional seismic surveys, Block 2 is estimated to contain up to 200 billion cubic meters of natural gas. If confirmed, this volume could dramatically bolster Greece’s energy security and contribute significantly to Europe’s supply diversification.
A “historic signing” for offshore drilling in Greece
Greek Minister of Environment and Energy, Stavros Papastavrou, hailed the agreement as a “historic signing” that ends a 40-year hiatus in exploration. He emphasized the strategic value of the partnership:
“This farming agreement will bring technology and capabilities in the hydrocarbon area in Greece. 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 the local commitment alongside the strategic goal. He stressed that the work done on Block 2 since 2020 has been powered by “Greek engineers, geoscientists, and geologists,” and that the project “has the potential to make Greece energy independent.”
Rigas also committed to maintaining high environmental standards, citing the company’s operations in Kavala.
Energy abundance
The signing ceremony was attended by senior US officials, including Secretary of Energy Chris Wright, US Interior Secretary and Energy Czar Doug Burgum, and US Ambassador to Greece Kimberly Guilfoyle.
Secretary Burgum framed the deal within a broader global discussion on energy security, stating:
“There is no energy transition—there is just energy addition. We need more. Greece is taking its own natural resources, and we are working all together toward energy abundance—affordable, secure, and reliable.”
The partners have been granted a one-year extension by the Hellenic Hydrocarbon and Energy Resources Management Company, with the first drilling rig now expected to arrive in 2026.
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