Exxon Mobil Expands Offshore Natural Gas Exploration in Greece

Exxon Mobil has signed a significant deal to explore for natural gas offshore Greece, partnering with Energean and Helleniq Energy. The venture aims to enhance the U.S. presence in the eastern Mediterranean, with the first exploratory drilling anticipated by 2026-2027, potentially supplying gas by the early 2030s.

Exxon Mobil has forged a pivotal agreement to explore for natural gas in the eastern Mediterranean, specifically offshore Greece. This move, in partnership with Energean and Helleniq Energy, underscores the U.S. ambition to expand its influence in Europe's energy landscape. The collaboration, focused on Block 2 offshore Western Greece, marks a strategic step amid efforts to supplant Russian energy supplies in the region.

The deal, which comes with a projected investment of $50 to $100 million, anticipates exploratory drilling commencement between late 2026 and early 2027. Should the exploration prove successful, Exxon Mobil forecasts the initial gas production to roll out in the early 2030s. This agreement not only amplifies U.S. stakes in Greek waters but also complements broader European commitments to diversify energy sources.

The United States, aiming for a more significant role in Europe's energy framework, plans substantial investments as part of a larger strategic realignment. The cooperation reflects Greece's aspiration to boost its stature as a critical transit point for European energy, potentially reshaping the continent's energy dynamics.

(With inputs from agencies.)