Plans for offshore drilling in area being revived
ATHENS. ExxonMobil has acquired a 60% interest in the offshore block west of Corfu.
ExxonMobil, Energean and HELLENiQ ENERGY have announced a farm-in agreement granting ExxonMobil a 60% stake in the Block 2 offshore concession, located in the northwestern Ionian Sea near the boundary of Italy’s Exclusive Economic Zone (EEZ).
Under the terms of the deal:
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ExxonMobil acquires a 60% interest in the licence.
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Energean retains 30%, down from 75%.
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HELLENiQ ENERGY keeps 10%, down from 25%.
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Energean will remain operator during the exploration phase, while ExxonMobil will take over operatorship if a hydrocarbon discovery is made.
Block 2 is considered the most advanced Greek concession in terms of readiness for exploratory drilling. The partners are expected to decide soon whether to proceed with drilling. The transaction is still subject to approval by state authorities and the completion of customary closing deliverables.
Located in the northwestern Ionian Sea, Block 2 lies in an area of significant geological interest adjacent to Italy’s EEZ.
In 2022, the consortium acquired 2,244 square kilometres of 3D seismic data, which confirmed that the “Asopos” structure is the most promising target for drilling — believed to be the largest unexplored offshore structure in the Mediterranean.
Exploration drilling is expected to begin in late 2026 or early 2027, pending regulatory approvals and an extension of the exploration phase. If it proceeds, it will mark Greece’s first offshore exploration well since 1981, when drilling led to the discovery of the Katakolo field.
