ExxonMobil, Energean, and Helleniq announced that they have entered the next exploration phase in Block 2, a western offshore Greek block, marking the first test drilling in Greece in decades. The consortium notified Greece’s hydrocarbons agency on March 19 2026 that it would seek gas in the block.
The farm‑in agreement that brought ExxonMobil into the venture was signed on November 6 2025, and an institutional approval was completed on March 11 2026. ExxonMobil holds a 60 % stake, Energean 30 %, and Helleniq 10 %. Energean will operate during the exploration phase, with ExxonMobil taking over if a commercial discovery is made.
Block 2 is the largest unexplored offshore structure in the Mediterranean, with estimated resources of about 7 trillion cubic feet (200 billion cubic meters) of natural gas. Exploratory drilling is expected to begin late 2026 or early 2027, with the first wildcat well scheduled for February 2027. First gas production could arrive in the early 2030s.
"We look forward to working with the Greek Government and our partners to evaluate the exploration potential of Block 2 in a safe, effective and environmentally responsible manner. This significant exploration agreement paves the way for potential future exploratory drilling investments in the 2027 timeframe," said Dr. John Ardill, Vice President for Global Exploration at ExxonMobil.
"The success of this initiative could become a turning point for Greece's energy security and for the future of the next generations," said Mathios Rigas, CEO of Energean.
"This new concession agreement represents a strategically important step in HELLENiQ ENERGY's long‑term growth strategy and the further diversification of our portfolio," said Andreas Shiamishis, CEO of Helleniq Energy.
The announcement follows a broader Greek upstream push, including Chevron and Helleniq’s lease agreements for four offshore blocks south of Crete and the Peloponnese. The consortium’s entry marks a significant step in Greece’s upstream development after a period of inactivity since 1981.
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