The consortium led by Energean, including ExxonMobil and HelleniQ Energy, has publicly announced the continuation of research efforts in the offshore Block 2 located in the northwestern Ionian Sea. This announcement was made by the Greek Hydrocarbons Management and Energy Resources Company (EDYEP), indicating the commencement of the second phase of explorations, which is set to include exploratory drilling. This marks a significant milestone in Greece's efforts to expedite the development of its hydrocarbon sector, showcasing the country's commitment to leveraging its natural resources.

Block 2 was originally granted to a consortium comprising TotalEnergies, Edison International, and Hellenic Petroleum (ELPE). The leasing contract for this block was signed by the Greek Republic on October 31, 2017, and ratified through Law 4525/2018, which awarded exclusive exploration and production rights in the area. Subsequent changes in the consortium's composition have led to ExxonMobil's involvement being announced in November 2025, as part of a broader strategy to enhance oil and gas exploration in Greece's offshore regions.

This development not only highlights Greece's aspirations to boost its hydrocarbons sector but also addresses the increasing need for energy independence in the region. The exploratory efforts in Block 2 are anticipated to contribute positively to the local economy, create job opportunities, and position Greece as a potential player in the European energy landscape. The ongoing collaboration between major energy firms reflects the strategic importance of the Ionian Sea in the context of energy resource management and geopolitical interests.