ExxonMobil to buy 60% stake in Block 2 concession offshore Greece

Core Viewpoint - ExxonMobil has entered a farm-in agreement to acquire a 60% interest in Greece's Block 2 concession, marking a significant step in the exploration of Greece's offshore energy resources [1][2][4] Group 1: Agreement Details - Under the agreement, Energean will reduce its stake from 75% to 30%, while Helleniq Energy will decrease its share from 25% to 10% [1] - Energean will remain the operator during the exploration phase, while ExxonMobil will take over as the operator if hydrocarbons are discovered [1] Group 2: Exploration and Investment - Block 2 is the most advanced concession in Greece for exploratory drilling, with drilling expected to commence in late 2026 or early 2027, pending regulatory approvals [2][3] - The estimated investment for the project ranges from $50 million to $100 million, with first gas anticipated in the early 2030s [2] - The 'Asopos' structure has been identified as the primary target for exploration, and Block 2 is considered the largest unexplored offshore structure in the Mediterranean [6] Group 3: Historical Context and Future Implications - This operation will be the first exploratory offshore drilling in Greece since 1981, highlighting a significant milestone in the country's energy sector [4] - The collaboration with ExxonMobil is viewed as a national opportunity for Greece to achieve energy independence and responsibly utilize domestic energy resources [5]