Oil and gas exploration in the Ionian Sea has progressed to its second phase after the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) confirmed that a consortium comprising Energean, ExxonMobil and HELLENiQ ENERGY formally submitted its intention to continue operations in Block 2.
ExxonMobil has now officially joined the offshore Block 2 hydrocarbon concession in Greece as a co-lessee. This follows a ministerial decision approving the transfer of participating interests from existing partners Energean and HELLENiQ ENERGY, which has been effective from March 10.
ExxonMobil had signalled its plan to enter the consortium during the 6th Transatlantic Energy Cooperation session, held in Athens in November 2025.
Block 2 was initially awarded to a consortium comprising TotalEnergies, Edison International and HELPE under a lease agreement signed by the Greek state on October 31, 2017, and ratified by Law 4525/2018. The agreement granted exclusive rights for hydrocarbon exploration and production in the area.
Since then, the consortium’s composition has evolved, ultimately leading to the entry of ExxonMobil alongside Energean and HELLENiQ Energy.
After fulfilling their first-phase obligations and delivering a positive assessment of the area’s hydrocarbon potential, the consortium has committed to conducting at least one exploratory well as part of the Minimum Work Programme for the second phase.
Source: Tovima
