Important announcements regarding hydrocarbon exploration were made by the Minister of Environment and Energy, Stavros Papastavrou, during the opening speech at the meeting of the Partnership Transatlantic Energy Cooperation (P-TEC) that began on Thursday morning in Athens.
He spoke specifically about announcements from Exxon Mobil, Helleniq Energy and Energean, which are active in exploration in the country. Papastavrou noted that the goal is “to support peace and stability in the region”, that the presence of oil companies such as Exxon Mobil and Chevron strengthen Greek positions, while recalling that the Libyan concessions programme is being adjusted to the median line.
US Secretary of Energy Chris Wright stressed that Greece is the perfect entry point for natural gas that will replace gas from Russia in Europe. “In the US we have large reserves and we have the opportunity to substitute every cubic meter of gas from Russia to Western Europe, with security of supply and reduced cost, to mutual benefit. Every cubic meter of Russian gas that is not channeled to Europe will remain in the ground and will not finance Putin’s war machine. Greece is the ultimate entry point with the appropriate infrastructure.”
Exxon Mobil in Plot 2 in the Ionian Sea – The first drilling in the country after 40 years
An agreement for ExxonMobil to participate with a 60% stake in the Energean – Helleniq Energy Joint Venture, which has the rights to explore for hydrocarbons in “plot 2” in the Ionian Sea, with the next step being the implementation – for the first time in 40 years – of exploratory drilling, was signed on Thursday within the framework of the Partnership of Transatlantic Energy Cooperation (P-TEC) meeting.
The agreement was signed in the presence of US Energy Secretaries Chris Wright, Interior (and head of the National Energy Sovereignty Council), Doug Burgum, Environment and Energy Minister Stavros Papastavrou and US Ambassador to Athens Kimberly Guilfoyle, Dr. John Ardill, Vice President for Global Exploration at ExxonMobil, Andreas Shiamishis, CEO of Helleniq Energy and Matthew Rigas, CEO of Energean Group.
“We have exploration activity in the Eastern Mediterranean and we are expanding it to Greece,” Ardill emphasized in his speech who also focused on the importance of exploiting domestic energy sources to reduce costs, security of supply, support artificial intelligence and development.
Ministry of Energy: ExxonMobil’s participation in Block 2 is a vote of confidence – the new landscape in hydrocarbon exploration
Sources from the Ministry of Environment and Energy described the agreement signed on Thursday between ExxonMobil, HelleniQ Upstream and Energean Hellas for the concession of participation percentages in Block 2 in the Northwest Ionian Sea as a vote of confidence for Greece. This agreement – it is added – is accompanied by the intention of exploration and offshore drilling in the said plot by the new consortium.
The concession currently belongs to 75% to Energean Hellas and 25% to HelleniQ Upstream. After today’s agreement, the percentages of the consortium are as follows: ExxonMobil 60%, Energean Hellas 30%, HelleniQ Upstream West Corfu 10%. Energean remains the Operator during the exploration period, while in the event of the discovery of a hydrocarbon deposit, ExxonMobil will assume the Management for its development.
Potential resources of 200 billion cubic meters in “plot 2”
Potential resources of 7 tcf (200 billion cubic meters) of natural gas are “hidden” in “plot 2” in the Ionian Sea, in which the world’s largest oil company ExxonMobil is participating as of today, together with Energean and Helleniq Energy.
Energean’s CEO, Mathios Rigas, stated the relevant estimates at an economic conference, noting that this is the only concession in which it would be possible to carry out exploratory drilling within the next two years.
This prospect gains new impetus after the agreement signed today for ExxonMobil’s participation in the project.
