ExxonMobil bought 60% of Energean – Helleniq Energy: bet on “Plot 2”

Copyright Thanassis Stavrakis/Copyright 2025 The AP. All rights reserved

Within Transatlantic Energy Cooperation (P-TEC) a strategic agreement was signed, ushering in a new era for the energy sector Greece. American company ExxonMobil acquired 60% in a consortium Energean – Helleniq Energywhich holds a license for exploration and production of hydrocarbons at “section 2” V Ionian Sea.

The document was signed by ExxonMobil Vice President for International Exploration Dr John ArdillCEO of Helleniq Energy Andreas Siamisis and head of Energean Matios Rigas. The ceremony was attended by the US Secretary of Energy Chris WrightSecretary of the Interior and head of the US Energy Sovereignty Council Doug Burgumas well as Minister of Environment and Energy Stavros Papastavrou and US Ambassador to Athens Kimberly Guilfoyle.

Significance and prospects of the project

“We are expanding our research presence in the Eastern Mediterranean,” noted Ardill. – This is a step towards strengthening energy independence and reliability of supply.” According to him, the development of local resources will reduce the cost of imports and create new jobs.

Matios Rigas stressed that after forty years Greece will begin new offshore drilling: “Section 2 capable of making the country energy self-sufficient.” According to him, drilling is planned for 2026-2027.

CEO Helleniq Energy Andreas Siamisis called the project “the most mature in the country’s geological exploration”, emphasizing its importance for Greek and European energy strategy.

US Energy Secretary Chris Wright Thanassis Stavrakis/Copyright 2025 The AP. All rights reserved

Site details and geology

“Section 2» located 30 km west of Corfu and stretches to the sea border with Italy. Water depth – from 500 to 1,500 m. According to estimates Hellenic Hydrocarbon and Energy Resources Management Companygas reserves in this area can reach 7 trillion cubic feet (about 200 billion cubic meters).

In 2022, a 3D seismic survey was carried out here over an area of ​​2,244 km², which determined the structure Asopos as the main purpose of drilling. Future well Asopos-1 will reach a depth of up to 4,000 m with a sea depth of 850 m.

Distribution of shares in the consortium

• ExxonMobil — 60%;
• Energean Hellas — 30%;
• Helleniq Upstream West Corfu – 10%.

At the reconnaissance stage, the operator remains Energeanand after the discovery of the deposit, development will be headed by ExxonMobil.

Political dimension and US support

Representatives of the Ministry of Environment and Energy called the entry of the American company “a vote of confidence in the Greek economy.” They noted that government of Kyriakos Mitsotakis consistently strengthens energy security and develops the country’s underwater resources.

Stavros Papastavrou stressed that Greece “strives to responsibly use its natural resources for the sake of peace and stability in the region.” US Secretary of Energy Chris Wright added that the country is “an ideal entry point for American gas to replace Russian flows to Europe.” He noted: “Every cubic meter of gas remaining on Russian soil is a minus in the financing of Putin’s war machine.”

US Secretary of the Interior Doug Burgum Thanassis Stavrakis/Copyright 2025 The AP. All rights reserved

Transaction analysis: concession or strategy?

Experts believe that participation ExxonMobil – this is at the same time compromise and strategic calculation. On the one side, Greece cedes control over a key asset: After the exploration phase, all production and export decisions will pass to the Americans. It means loss of management share and, possibly, part of the profit.

On the other hand, the participation of the world’s largest oil and gas player gives security and investment guarantees. ExxonMobil brings deepwater drilling technology, and with it… political cover for Washington. Thus, Athens gets a chance to turn into energy hub region, reducing dependence on imports and strengthening the alliance with the United States and EU.

Economically, this is a mutually beneficial partnership; legally, it is a cession of control; politically, it is a strengthening of sovereignty. Ultimately, Greece chooses not from a position of weakness, but from a position of pragmatism: better enter the US orbit profitablythan watching the project remain on paper. The deal makes the country part of Europe’s new energy map.

Source link