Greece to start offshore drilling in Ionian Sea with participation of ExxonMobil
Premier Kyriakos Mitsotakis hails it as ‘historical development’
Premier Kyriakos Mitsotakis (Photo by Dursun Aydemir)
ATHENS
Greece to start offshore drilling in the Ionian Sea with the participation of major US energy company ExxonMobil.
According to a deal that was signed during the sixth meeting of the Partnership for Transatlantic Energy Cooperation (P-TEC) in Athens on Thursday between major US energy company ExxonMobil, London-based Greek-owned energy company Energean, and Greece’s HelleniQ Energy, the consortium will focus on the Block 2 offshore area in the Ionian Sea west of Corfu, which has been managed by Energean and HelleniQ Energy since 2020.
ExxonMobil will own 60% of the consortium, followed by Energean at 30% and HelleniQ Energy at 10%.
Meanwhile, public broadcaster ERT reported that Block 2 is the most mature concession for exploratory drilling to determine the presence of an exploitable hydrocarbon deposit, with a 15-18% chance of success (high risk, high yield).
Commenting on the deal, Prime Minister Kyriakos Mitsotakis hailed the deal as “a historical development.”
“It is not just another investment. It is the first exploratory drilling in our homeland in almost 40 years,” he said.
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