The necessary institutional step for ExxonMobil to officially enter the Energean–Helleniq Energy consortium, with a 60% stake in hydrocarbon exploration rights for “Block 2” in the Ionian Sea, was completed yesterday, paving the way for the first exploratory drilling in Greece in 45 years.

Specifically, Environment and Energy Minister Stavros Papastavrou approved the transfer of part of the participating interests in the consortium. The decision allows the transfer of a 45% stake from Energean Hellas Ltd and a 15% stake from HELLENiQ Upstream West Corfu Single-Member S.A., under the lease agreement dated October 31, 2017, for the concession of exploration and exploitation rights for hydrocarbons in Marine Area 2 of the Ionian Sea. The stakes are being transferred to the Dutch company ExxonMobil Exploration and Production Greece (Crete) B.V.

Following the transfer, the consortium’s structure will be as follows: ExxonMobil will hold 60%, Energean Hellas 30%, and HELLENiQ Upstream West Corfu 10%.

Energean will remain the operator during the exploration phase. In the event that a hydrocarbon deposit is discovered, ExxonMobil will assume responsibility for its development.

The agreement, widely viewed as a vote of confidence in Greece’s energy sector, was signed on November 6, 2025, in Athens within the framework of the Transatlantic Transgovernmental Energy Cooperation (P-TEC). The signing ceremony took place in the presence of U.S. Secretary of Energy Chris Wright, U.S. Secretary of the Interior and head of the National Energy Sovereignty Council Doug Burgum, Greek Minister of Environment and Energy Stavros Papastavrou, and U.S. Ambassador to Greece Kimberly Guilfoyle.

The agreement was signed by Dr. John Ardill, Vice President for Global Exploration at ExxonMobil, Andreas Siamisis, CEO of Helleniq Energy, and Mathios Rigas, CEO of the Energean Group.