ExxonMobil's Strategic Move: New Offshore Gas Exploration Deal in Greece

ExxonMobil, alongside Energean and Helleniq Energy, has inked a deal to explore natural gas offshore Greece. The project in Block 2 aims for production by the early 2030s. This strategic move highlights increasing U.S. interest in the region, complementing Greece's goal to enhance its energy sector.

U.S. oil behemoth ExxonMobil has struck a groundbreaking deal with Energean and Helleniq Energy to embark on natural gas exploration off Greece's coast, the companies confirmed on Thursday.

John Ardill, ExxonMobil's global exploration chief, revealed that the first gas from the venture in Block 2, located in western Greece, is anticipated by the early 2030s, contingent on successful project progression.

Requiring between $50 million and $100 million in investment, Exxon will hold a commanding 60% stake and lead operations if initial drilling efforts prove fruitful.

This agreement amplifies U.S. investments in the region, following last month's Chevron and Helleniq Energy consortium bid win for other Greek exploration bids.

(With inputs from agencies.)