Greece has licensed Block 2 to Energean Hellas LTD and HELLENiQ Energy:
- Location: In the Ionian Sea 30 km west of Corfu Island (note: that’s 18.6 miles, not the 125 mile buffer that Florida views as sacred)
- Water depth: 500 to 1,500 m
- Block size: 2,422.1 sq Km, the largest unexplored offshore structure in the Mediterranean (note: Gulf of America leases are only 23.3 sq km or < 1% as large)
- First drilling: late 2026 or early 2027. This will be the first exploratory offshore drilling in Greece since 1981!
ExxonMobil has signed a farm-in deal acquiring 60% of the concession.
- Energean’s participation is set at 30%, down from 75%.
- Helleniq participation is now 10%, down from 25%.
- Energean will remain the operator during the exploration stage.
- In the event of a commercial discovery, Exxon will assume the operatorship during the development phase.
Andreas Shiamishis, CEO of HELLENiQ ENERGY: “Greece is emerging as one of Europe’s newest and promising regions for hydrocarbon exploration and development. This transaction represents a positive step not only for the joint venture partners, but also for the Greek economy.”
Bud's Offshore Energy (BOE) 