The European Commission has given its support to a major offshore gas production initiative in the Mediterranean, backing Greece’s recent agreement with ExxonMobil to explore and extract natural gas from the north-western shelf of the Ionian Sea.
Brussels said partnering with “reliable partners”, notably from the U.S., will aid Europe’s goal of breaking free from Russian gas dependency.
Under the deal signed last week, ExxonMobil will take a 60 % stake in Block 2 off Greece’s Ionian coast, with initial exploration expected to conclude by 2027 and production slated for 2030 if commercial reserves are confirmed.
The agreement marks a strategic shift, as Greece positions itself as a regional energy hub while the EU accelerates its drive to reduce reliance on Russian fossil-fuels.
