Energean–ExxonMobil–HELLENiQ JV enters second exploration phase offshore Greece

The Energean–ExxonMobil–HELLENiQ joint venture will continue exploration activities in Greece’s offshore Block 2, marking the start of the concession’s second exploration phase, according to the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA).

The new phase includes the obligation to drill one exploration well as part of the minimum work program, representing a key step in Greece’s efforts to advance its upstream sector. The notice was submitted on 13 March 2026, one day before the end of the first exploration phase, following completion of prior commitments and a positive assessment of the area’s potential.

HEREMA said the transition to the second phase paves the way for offshore exploration drilling in Greece for the first time in 40 years, with planned operations in water depths of approximately 900 m and more than 55 km offshore.