Greece Signs Hydrocarbon Exploration Deal With ExxonMobil in the Ionian Sea
Greece has signed an agreement with US energy giant ExxonMobil to explore for hydrocarbons in the Ionian Sea, with the first drilling expected to take place off the coast of Corfu by March 2026.
According to the Athens-Macedonian News Agency (AMNA), the deal was signed in Athens on the sidelines of the Partnership for Transatlantic Energy Cooperation (P-TEC) meeting, covering exploration rights in “Block 2” of the Ionian Sea.
Under the agreement, ExxonMobil will hold a 60 percent stake in the Energean-Helleniq Energy consortium, which will carry out the exploration.
The signing ceremony was attended by US Energy Secretary Chris Wright, US Interior Secretary and National Energy Sovereignty Council Chairman Doug Burgum, Greek Minister of Environment and Energy Stavros Papastavrou, US Ambassador to Greece Kimberly Guilfoyle, and representatives from ExxonMobil, Helleniq Energy, and Energean.
The agreement marks the first hydrocarbon drilling operation in Greece in nearly 40 years, with exploration scheduled in “Block 2,” located west of Corfu Island. Greece last conducted hydrocarbon exploration drilling in 1986 in the Thermaic Gulf, south of Thessaloniki.
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