Prime Minister Kyriakos Mitsotakis described the agreement with ExxonMobil for hydrocarbon exploration in the Ionian Sea as “historic” in a video message posted on social media.

“Today we are writing a new chapter in Greece’s energy history,” Mitsotakis said. 

“This is not just another investment. It is the first exploratory drilling in our country in almost 40 years,” he continued, adding that the process could begin within 18 months. 

Signed during the US-Greece Partnership for Transatlantic Energy Cooperation (P-TEC) meetings in Athens, the agreement is for Block 2 of the Ionian Sea, northwest of Corfu, regarded as one Greece’s most mature offshore concessions.

Exxon will take a 60% stake in the concession, while Energean will have 30% and HelleniQ Energy 10%. Energean will run the project during exploration and Exxon will take over if exploration drilling proves successful, the companies said.

Source: Ekathimerini.com