A new era for the hydrocarbons sector in Greece opens with yesterday’s agreement between ExxonMobil, Energean and HelleniQ Energy for the concession of offshore Block 2, west of Corfu.

The agreement — with a strong geopolitical and investment footprint — brings the country closer than ever to the prospect of acquiring a natural gas producer role for the first time in its modern history.

The development coincides with a period where Greek–US energy relations are gaining new depth. Today significant announcements are expected in the US LNG supply field, centered on the DEPA Commercial – AKTOR agreement with Venture Global, based in Louisiana, one of the largest LNG exporters globally.

In comments yesterday, CEO Alexandros Exarchou, referring to the strategic choice of the US to use Greece as a transfer and distribution hub for LNG towards the new vertical European energy corridor, noted that from a national perspective this is one of the most important developments of recent years.

He stressed that this strategy created a unique opportunity which the Greek government immediately and decisively utilised, adding that from here on Greece will have a distinct position on the energy map of the region, as the point from which American natural gas will be channeled to Europe — something that gives the country significant political and economic value.

The investment plan

Under the agreement, ExxonMobil takes 60% of the concession and operator role, HelleniQ Energy keeps 20% and Energean the remaining 20%. Block 2 is considered the most mature for exploratory drilling, as it has full seismic data and positive indications of natural gas deposits.

ExxonMobil VP John Ardill said yesterday on the sidelines of the Transatlantic Alliance summit that the investment size is estimated between $50m and $100m for the exploration phase. Drilling is expected to begin with exploratory wells, while first natural gas production could start in the early 2030s. He said the decision on drilling is expected during 2026, while technical design will develop over 2026–2027.

“We are planning very carefully,” he stressed, noting that if the exploration is successful, the total investment could reach $5bn–$10bn within a seven-year horizon, i.e. until 2030. From 2030 to 2035, he said, if results are positive, Greece could enter the production phase. “We have not completed the assessment yet,” he clarified, adding that final decisions are expected next month.

Strategic importance for Greece and Europe

ExxonMobil’s participation constitutes the most substantive return of US presence in the Greek energy sector in decades. Beyond the investment dimension, the presence of the multinational acts as a signal of confidence in the stability and institutional maturity of the Greek energy market. Market sources assess that American involvement significantly raises the level of the project, ensuring access to world-class know-how and capital.

On the economic level, the prospect of identifying commercially exploitable deposits could translate into a developmental advantage for the country — reducing dependency on imported resources and strengthening public revenues.

At the same time Greece strengthens its role as an energy hub of Southeastern Europe, connecting the Mediterranean with Central Europe through new LNG infrastructure and natural gas pipelines.

Signals on the cable

At the same time, the strengthening of Greek-US cooperation is not limited to hydrocarbons. The joint communiqué of the recent “3+1” Energy Ministers meeting (Greece, Cyprus, Israel, US) includes indirect but clear reference to the Greece–Cyprus electrical interconnection.

The ministers reaffirmed their support for regional interconnection projects “both those already under way and future ones”, within the India–Middle East–Europe Corridor framework, as well as cooperation on protection of critical energy infrastructure. This reference is seen as pointing to the Greece–Cyprus–Israel cable known as the EuroAsia Interconnector, aiming to electrically link the three states — enhancing energy security and the Eastern Mediterranean’s interconnection with Europe.

US support for the project is part of Washington’s strategy to create a broader energy + technology corridor connecting Asia to Europe, reducing the EU’s dependence on third sources and strengthening regional stability.

As major market executives commented, yesterday does not only mark a new business agreement — it marks the beginning of a wider Greece–US–Eastern Mediterranean energy arc.