ExxonMobil farms-in to block offshore Greece

ExxonMobil Corp. has farmed in to Block 2 in the northwestern Ionian Sea adjacent to the Italian Exclusive Economic Zone (EEZ) offshore Greece. 

ExxonMobil has acquired a total 60% interest in the concession from Energean plc and Helleniq Energy. Energean’s participation was reduced to 30% from 75% and Helleniq Energy’ participation has been reduced to 10% from 25%.

Completion of the deal remains subject to applicable governmental approvals and customary closing conditions.  

Energean will remain operator of the concession during the exploration stage. In the event of a hydrocarbon discovery, ExxonMobil will assume operatorship during the development stage.

In a release Nov. 6, Energean said Block 2 is "the most mature concession in Greece in terms of readiness for exploratory drilling." 

In 2022, 2,244 sq km of 3D seismic data were acquired. Processing and interpretation confirmed that the Asopos structure is the most mature target for exploratory drilling, the company continued.

Expliration drilling could take place in late 2026 or early 2027. It would be the first exploratory offshore drilling in Greece since 1981, when the well that led to the discovery of Katakolo field was completed, Energean said. 

Over the past two decades, the only offshore wells carried out in Greece have been production wells in Prinos, implemented by Energean.