Exxon Mobil has signed a deal to explore for natural gas offshore Greece, increasing U. S. involvement in the eastern Mediterranean as the Trump administration aims to reduce reliance on Russian energy in Europe. The U. S. wants to supply more liquefied natural gas to Europe as the EU plans to phase out Russian gas imports in the coming years. U. S. Energy Secretary Chris Wright stated that there is an opportunity to replace Russian gas in Western Europe, emphasizing that every molecule not sold by Russia would limit funding for its military actions.
Under the agreement, Exxon will collaborate with Energean and Helleniq to explore Block 2 offshore Western Greece. Exxon anticipates exploratory drilling to begin in late 2026 or early 2027, with potential gas production starting in the early 2030s if successful. The project is expected to require an investment of $50 million to $100 million. Greece, which relies heavily on gas imports, is looking to strengthen its position as a gas transit route for Europe.
Exxon will hold a 60% stake in the concession, Energean will have 30%, and Helleniq will take 10%. Energean will manage the project during exploration, while Exxon will take over if drilling is successful. In July, Europe committed to purchasing $250 billion annually in U. S. energy over three years. U. S. officials praised the deal, highlighting America’s renewed involvement in the region.
With information from Reuters