ATHENS, March 19 (Reuters) - A joint venture by Energean, ExxonMobil and Helleniq Energy has notified Greece it would look for gas in a western offshore bloc, the nation's hydrocarbons management
Energean, ExxonMobil Proceed with Offshore Gas Exploration in Greece
Joint Venture Advances Offshore Gas Exploration Efforts
Background of the Exploration Initiative
ATHENS, March 19 (Reuters) - A joint venture by Energean, ExxonMobil and Helleniq Energy has notified Greece it would look for gas in a western offshore bloc, the nation's hydrocarbons management agency said on Thursday, a move that would involve the first test drilling in the country for decades.
Details of the Joint Venture Agreement
In a deal announced last year, U.S. oil major ExxonMobil joined Energean and Helleniq Energy, Greece's biggest oil refiner, to explore for natural gas in Block 2 in the Ionian Sea.
Next Steps in the Offshore Drilling Project
After assessing the area's potential, the joint venture notified the agency of its plans to proceed to the second phase, which also includes the first offshore exploration drilling in 40 years, the state-owned Hellenic Hydrocarbons and Energy Resources Management Company said in a statement.
Strategic Importance for Europe and Greece
U.S. Role in Europe's Energy Security
The United States, which holds vast reserves of natural gas, seeks to increase its share in Europe's energy mix via liquefied natural gas as the European Union seeks to replace Russian gas in the coming years.
Greece's Energy Ambitions
Greece, which produces small volumes of oil and relies on gas imports for power generation and domestic consumption, has been keen to explore for gas and bolster its role as a transit route for Europe.
(Reporting by Angeliki KoutantouEditing by Tomasz Janowski)
