US-based ExxonMobil acquires 60% stake in Greece’s Block 2 concession through farm-in agreement with Energean and Helleniq Energy. Energean retains 30% stake, Helleniq holds 10%. Potential for first gas in early 2030s with investment of $50m-$100m. Exploration drilling expected in 2026/2027, pending approvals. Partnership aims for energy independence and responsible resource utilization.

Block 2 concession, near Italian Exclusive Economic Zone, is ready for exploratory drilling. Consortium plans drilling soon. ExxonMobil anticipates first gas in early 2030s with $50m-$100m investment. Exploration drilling set for late 2026/early 2027, subject to approvals. Energean CEO emphasizes importance of energy independence and responsible resource management.

Consortium acquires and processes 2,244km² of 3D seismic data for Block 2, identifying ‘Asopos’ structure as primary target. Block 2 considered largest unexplored offshore structure in Mediterranean. Agreement completion subject to governmental approvals. Growing US interest in Greek offshore energy seen with recent exploration block bids by Chevron-led consortium.

Helleniq Energy CEO highlights Greece’s potential in hydrocarbon exploration. Block 2 partnership with ExxonMobil to accelerate asset development. Greece emerging as promising region for hydrocarbon exploration. Positive impact on joint venture partners and Greek economy anticipated. Offshore Technology report originally published by GlobalData.

Read more at Yahoo Finance.: ExxonMobil to buy 60% stake in Block 2 concession offshore Greece