ExxonMobil signed an agreement with Greece to develop the Mediterranean shelf.

ExxonMobil has signed an agreement with Greece to develop gas fields in the eastern Mediterranean amid US assurances that it can completely replace Russia in the European gas market.

ExxonMobil's partners will be the Greek company Helleniq and the British-Israeli company Energean, which is developing gas fields on the shelf of Israel and the UK.

Exxon will receive a 60% stake in the concession, Energean 30%, and Helleniq Energy 10%. Energean will operate the project during the exploration phase, and Exxon will assume management if exploratory drilling is successful, the American company announced.

The first exploration well at this site is expected to be drilled in late 2026 or early 2027, and first gas could be produced in the early 2030s if exploration is successful. Initial investment in the project will range from $50 million to $100 million, according to John Ardill, Exxon's vice president of exploration.

If commercial hydrocarbon reserves are discovered at this site, gas will be supplied to the Greek domestic market. Furthermore, the field could be connected to the TAP gas pipeline for supplies to southern Italy.

Greece has virtually no domestic production and is almost 100% dependent on imported gas. However, spurred by offshore gas discoveries in Israel and Turkey in the Mediterranean, the country decided to explore for its own reserves.

American companies have eagerly taken advantage of this desire. In addition to ExxonMobil, Chevron is negotiating for participation in other exploration projects offshore Greece.

"We now have a wonderful opportunity to completely eliminate Russian gas—down to the last molecule—in Western Europe," US Energy Secretary Chris Wright explained the activity of American companies at a conference in Athens on Thursday.