ExxonMobil, Energean Advance Greece Offshore Gas Drilling Project with Stena Contract

ExxonMobil, Energean and partners are advancing offshore gas drilling in Greece’s Ionian Sea, with a contract set to be signed this week. The project could support Europe’s push to diversify gas supply as drilling targets begin in 2027.

(Reuters) — ExxonMobil, Energean and Helleniq Energy are set to sign a contract with Stena Drilling to begin offshore gas exploration in Greece’s Ionian Sea, marking the country’s first drilling campaign in decades.

The consortium will target Block 2 in western Greece, with exploratory drilling expected to begin in 2027 using a deepwater-capable drilling vessel.

The project is part of broader efforts by European countries to diversify gas supply sources following disruptions linked to reduced Russian pipeline flows. While still at the exploration stage, any discovery could support future regional supply and infrastructure development.

Greece has sought to attract foreign investment into its upstream sector in recent years, launching new licensing rounds and advancing exploration activity across offshore blocks.