Greece is preparing to launch its first offshore exploratory drilling for natural gas in nearly four decades, Prime Minister Kyriakos Mitsotakis announced, hailing a new agreement with ExxonMobil as a "historic moment" for the country's energy future.
The deal, signed between ExxonMobil, Energean, and HelleniQ Energy, gives the U.S. energy giant participation rights in Block 2, a deepwater exploration zone in the Ionian Sea.
Mr. Mitsotakis said the agreement is a decisive step in Greece's efforts to develop its own energy resources amid Europe’s drive for energy independence.
"This is not just another investment — it’s the first exploratory drilling in our country in almost 40 years," Mr. Mitsotakis said in a statement. He added that ExxonMobil has committed to begin exploratory drilling within 18 months.
The company already holds exploration rights in two offshore blocks south and southwest of Crete.
Its expansion into the Ionian is seen as strengthening Greece’s role as a potential energy hub in the Eastern Mediterranean.
The announcement comes as Greece positions itself as a key gateway for liquefied natural gas (LNG) and potential offshore resources to help diversify European supplies away from Russian gas.
Energy analysts say the Ionian project could help determine whether Greece holds commercially viable hydrocarbon reserves, a long-debated question in the country’s energy policy.
Government officials stressed that any future production would align with environmental standards.