In a notable development for the Eastern Mediterranean, U.S. energy giant ExxonMobil has struck an agreement with Energean and Helleniq Energy to probe natural gas potential off western Greece. The move highlights growing U.S. engagement as Europe seeks to diversify away from Russian supply.
ExxonMobil plans to commit between $50 million and $100 million to the venture, taking a 60% stake and stepping in as operator should exploratory drilling prove fruitful. First gas from Block 2 is anticipated in the early 2030s, underscoring a long-term commitment to the area.
The arrangement follows a similar U.S.-Greek collaboration last month, when Chevron was named Helleniq Energy’s preferred partner for other blocks. Greece, which produces only modest amounts of oil, remains heavily dependent on gas imports for power generation and household use. The government has been keen to develop offshore resources and position the country as a key transit point for Europe’s energy routes.
The announcement arrives as the European Union intensifies efforts to find alternatives to Russian gas. If successful, these projects could cut import dependence, strengthen energy security and raise Greece’s profile in the continent’s evolving energy network.
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