Exxon Mobil Corp has signed an settlement to amass 60 p.c in Block 2 within the Ionian Sea, paving the way in which for drilling in Greece’s “most mature concession”, operator Energean PLC mentioned.
London-based Energean can have its stake diminished from 75 p.c to 30 p.c. The opposite proprietor, Hellenic Power Holdings SA, will retain 10 p.c, promoting 15 p.c, the 2 homeowners mentioned in a joint assertion on-line.
Block 2 sits in an “space of great geological curiosity” within the northwestern Ionian Sea, the place the license space borders Italy’s unique financial zone, the businesses famous. “It’s the largest unexplored offshore construction within the Mediterranean, with potential prospects to considerably improve the power safety of Greece and the broader area”, they mentioned.
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“Block 2 is probably the most mature concession in Greece when it comes to readiness for exploratory drilling”, the businesses mentioned.
“The exploratory drilling is anticipated to happen in late 2026 or early 2027, supplied that every one obligatory approvals and permits are obtained in a well timed method from the competent authorities, and that the exploration section is prolonged to make sure ample time for undertaking completion inside the deliberate schedule”, the businesses added.
Over 2,200 sq. kilometers of 3D seismic information had been already acquired 2022, in line with the businesses. “Their processing and interpretation confirmed that the Asopos construction is probably the most mature goal for exploratory drilling”, the businesses mentioned.
“Within the occasion of a hydrocarbon discovery, ExxonMobil will assume operatorship throughout the growth stage”, the businesses mentioned.
The farm-in settlement wants authorities approvals and different customary circumstances, they mentioned.
Energean chief government Mathios Rigas mentioned, “This settlement represents an vital step towards harnessing Greece’s pure assets and strengthening our nation’s position on Europe’s power map”.
“Collaboration with ExxonMobil in Block 2 isn’t just a brand new enterprise enterprise; it’s a nationwide alternative to show that Greece can obtain power independence, using home power assets responsibly and according to the strictest worldwide requirements”, Rigas mentioned.
“The success of this initiative might turn into a turning level for Greece’s power safety and for the way forward for the following generations”, Rigas added.
Helleniq Power chief government Andreas Shiamishis mentioned, “Over the latest years, the Group has regularly acquired, and is creating, a extremely promising portfolio of exploration blocks. Amongst them, Block 2 has reached the exploration nicely section and the partnership with ExxonMobil will assist advance the asset’s growth additional and sooner”.
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