ExxonMobil and Partners Advance to Drilling Phase in Greek Offshore Gas Block

A joint venture between ExxonMobil, Energean, and Helleniq Energy notifies Greece of plans for the first offshore test drilling in 40 years in the Ionian Sea.

By: AXL Media

Published: Mar 19, 2026, 12:10 PM EDT

Source: Reuters

Transition to Phase Two Exploration

The Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) confirmed on Thursday that the consortium has completed its initial assessment of Block 2 in the Ionian Sea. Having determined sufficient potential, the venture is now entering the second exploration phase.

Key Milestone: This phase includes the first offshore exploration drilling in Greece since the 1980s.

Consortium Roles: ExxonMobil serves as the lead operator, bringing advanced deep-water technical expertise, while Helleniq Energy (Greece’s largest refiner) and Energean provide regional operational experience.

Strategic Importance for Greece and Europe

For Greece, this project is more than a commercial venture; it is a pillar of national energy security.