ExxonMobil to Operate Western Greece Gas Exploration with Energean and Helleniq Energy

Post by : Bianca Suleiman

U.S. energy major ExxonMobil has agreed to partner with Energean and Helleniq Energy to pursue natural gas exploration off Greece’s western coast, a move that intensifies American involvement in the Eastern Mediterranean hydrocarbon sector.

The company has signaled it will contribute between $50 million and $100 million to the programme and would assume a 60% interest. ExxonMobil would become the operator if initial test drilling delivers positive results, with any commercial production not expected until the early 2030s.

The transaction follows a recent U.S.-Greek collaboration in which Chevron was selected as Helleniq Energy’s preferred partner for other offshore blocks. Greece currently produces only limited oil volumes and relies heavily on imported gas for power generation and domestic consumption, prompting renewed efforts to unlock offshore potential.

Against the backdrop of the EU’s search for alternatives to Russian supplies, these exploration projects carry strategic weight: successful discoveries could lower import dependence, strengthen regional energy security and enhance Greece’s role as a possible transit gateway for European gas flows.