05:25 AM EST, 11/06/2025 (MT Newswires) -- Exxon Mobil ( XOM ) has signed a farm-in agreement with Energean and Helleniq Energy Upstream for its participation in the Block 2 concession offshore Greece, with Exxon Mobil ( XOM ) acquiring a 60% stake in the concession, Energean said Thursday.

Energean's participation in the concession is now set at 30%, down from 75%, while Helleniq Energy's participation is set at 10%, down from 25%. Exxon Mobil ( XOM ) will assume operatorship during the development phase, Energean said.

The consortium will decide on whether to proceed with drilling "in the near future," Energean said, adding that exploratory drilling is expected in late 2026 or early 2027.

The Exxon project will need an investment in a range of $50 million to $100 million, Reuters reported, citing John Ardill, the company's vice president of global exploration.