An agreement was signed today for ExxonMobil (the largest oil company in the world) to acquire a 60% stake in the Energean–Helleniq Energy consortium, which holds the hydrocarbon exploration rights for “Block 2” in the Ionian Sea. The signing took place in the presence of officials from the United States and Greece.
The next step is the implementation of the exploratory drilling project “Asopos-1” — estimated for 2026–2027 — at a depth of 4,000 meters in Block 2, which is believed to contain potential reserves of 200 billion cubic meters of natural gas.
The aim of the project is for Greece to secure its own natural gas supply sources, while the U.S. Secretary of Energy described Greece as the ideal entry point for the natural gas that will replace Russian gas in Europe.
Block 2 is located in the Ionian Sea, 30 km west of Corfu. Its western boundary borders the maritime boundary between Greece and Italy. According to the Hellenic Hydrocarbon and Energy Resources Management Company, water depths in the area range from 500 to 1,500 meters, and the region belongs to the geological unit of the Apulian platform.
The last offshore drilling conducted within Greek territory took place in 1986 in the Thermaic Gulf.
The presence of a confirmed petroleum system in Western Greece (Western Katakolo) and in the Adriatic Sea makes this area particularly promising.
The agreement comes at a time when the Trump administration is seeking to replace Russian energy flows to Europe.
The United States, which possesses vast natural gas reserves, aims to increase its share in Europe’s energy mix through liquefied natural gas (LNG), as the EU seeks to gradually phase out imports of Russian natural gas in the coming years.
Sources: AMNA, Reuters
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