U.S. energy giant ExxonMobil has partnered with Energean and Helleniq Energy in a major new venture to explore natural gas reserves offshore Greece. The agreement grants ExxonMobil a 60% stake in the exploration project located in Block 2, off western Greece, with plans to become the operator if initial drilling yields positive results.

Speaking at an energy conference in Athens, ExxonMobil’s global exploration chief, John Ardill, revealed that the company anticipates first gas production from Block 2 in the early 2030s. Initial investments are estimated between $50 million and $100 million.

The move significantly boosts U.S. involvement in the Greek energy sector. It follows news that a consortium led by Chevron and Helleniq Energy was recently selected to explore additional offshore blocks—further advancing Greece’s ambition to strengthen its gas production capabilities.

Currently, Greece produces limited quantities of oil and heavily depends on gas imports for electricity and household use. The country aims to expand domestic gas exploration to improve energy security and position itself as a regional transit hub, particularly as the European Union phases out reliance on Russian gas supplies.