ExxonMobil Joins Greek Gas Exploration with Energean Deal

In a significant move for the Eastern Mediterranean energy landscape, U.S. oil giant ExxonMobil has entered an agreement with Energean and Helleniq Energy to explore natural gas in western Greece. The deal marks a growing U.S. interest in Greek offshore resources amid Europe’s shift away from Russian gas.

ExxonMobil plans to invest between $50 million and $100 million in the project, taking a 60% stake and assuming operator responsibilities if test drilling proves successful. First gas from Block 2 is projected in the early 2030s, signaling a long-term commitment to the region.

This development follows a similar U.S.-Greek collaboration last month, when Chevron teamed up with Helleniq Energy as the preferred bidder for other exploration blocks. Greece, which currently produces modest amounts of oil, depends heavily on gas imports for electricity and domestic use. The country has been eager to develop its offshore potential and strengthen its position as a transit hub for Europe’s energy needs.

The deal comes at a time when the European Union is actively seeking alternatives to Russian gas, making Greece’s emerging offshore projects increasingly strategic. If successful, these ventures could reduce import reliance, enhance energy security, and position Greece as a vital link in Europe’s evolving energy network.