What is the significance of the upcoming exploratory drilling off Greece's western coast, and when is it scheduled to begin?

The upcoming exploratory drilling in Block 2 of the Ionian Sea marks Greece's first offshore exploration drilling in 40 years. It is scheduled to begin in February 2027 and will be conducted by Stena Drilling using a high-performance vessel capable of operating in deep-sea waters and drilling up to 35,000 feet, targeting natural gas deposits previously considered hard to access.

Which companies are involved in the offshore gas exploration agreement in Greece's Ionian Sea, and what is the scope of their collaboration?

ExxonMobil (XOM.N), Energean (ENOG.L), and Greece's largest oil refiner Helleniq Energy (HEPr.AT) have formed a consortium to explore for natural gas in Block 2 in the Ionian Sea. They will sign a contract with Stena Drilling to conduct exploratory drilling, representing a major step in Greece’s renewed offshore energy efforts after four decades.

ExxonMobil, Energean to sign contract for first test gas drilling off Greece in years

Apr 14, 2026

ExxonMobil, Energean, and Helleniq Energy will commence exploratory gas drilling in Greece's Ionian Sea in February 2027, marking the country's first offshore exploration in 40 years. The project aims to support Europe's energy diversification efforts following the invasion of Ukraine.

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