HELLENiQ ENERGY Holdings S.A. – Key Developments
Strategic Alliance with Exxon Mobil and Energean On 6 November 2025, HELLENiQ ENERGY signed a partnership agreement with Exxon Mobil and Energean to acquire a 60 % stake in Block 2 of the Northwest Ionian Sea. The deal, announced during the P‑TEC (Partnership for Transatlantic Energy Cooperation) conference in Zappio, establishes a joint venture that will oversee exploration and drilling activities expected to commence in 2027. The agreement positions HELLENiQ as the operator of Block 2, with Exxon Mobil providing capital and technical support while Energean contributes seismic data and regulatory expertise.
Projected Reserve Potential Preliminary three‑dimensional seismic interpretation by the consortium suggests a recoverable resource of approximately 200 million barrels of oil and gas. The project is considered a significant addition to Greece’s offshore portfolio and is expected to enhance the country’s energy security and export capacity.
Geopolitical and Policy Context Greek Minister of Environment and Energy Stavros Papanastasiou highlighted the partnership as a historic opportunity for Greece, stressing the role of the Ionian Sea project in aligning the nation with broader European energy objectives. President Kyriakos Mitsotakis and U.S. Energy Secretary Chris R. also underscored the strategic value of the agreement during the same event.
Market Reaction Following the announcement, HELLENiQ ENERGY’s share price remained steady, trading at €7.90 on the Athens Exchange. The company’s market capitalization stands at €2.4 billion, and its 52‑week range is €6.62–€8.77, reflecting moderate volatility amid the sector’s evolving outlook.
Operational and Commercial Scope HELLENiQ’s core activities include refining, marketing, exploration, and production of hydrocarbons, petro‑chemicals, gas, and power. The company also engages in the supply, refining, and trading of petroleum products, operates tankers, and provides services in finance, retail trade of liquid fuels, and treasury operations. The new Ionian venture expands the company’s exploration and production portfolio into a high‑potential offshore block.
Future Outlook The partnership aims to commence drilling in 2027, with a projected timeline for initial production that aligns with the company’s long‑term growth strategy. HELLENiQ ENERGY’s involvement in the project is expected to strengthen its position in the southeastern European and eastern Mediterranean energy markets while contributing to the diversification of Greece’s energy mix.
