The Exxon Mobil – Helleniq Energy consortium announced its withdrawal from the offshore block “West of Crete” because the geological data is poor, while the exploration appears to be too expensive.
The ExxonMobil – Helleniq Energy consortium returns the “West of Crete” block to the Greek State, with a possible re-announcement of a tender in the Greek Exclusive Economic zone (EEZ), fortunegreece.gr reported on Thursday, May 21, 2026.
The ExxonMobil – Helleniq Energy consortium officially informed the Greek Authorities that it is proceeding with the return of the “West of Crete” offshore block to the Greek EEZ, handing over the specific block back to the Greek State.
This development marks a significant readjustment in the energy planning of the region, as the project will not continue in a development phase.
According to what has been announced, Helleniq Energy stated that this particular plot will not proceed further, as the strategic focus of the consortium is now shifting to the Ionian Sea and to new offshore plots with greater development prospects. The decision is also linked to the fact that high-resolution 3D seismic surveys were not carried out in this block, which significantly limited the full assessment of the geological data.
The “West of Crete” plot is characterized by technical and geological challenges, as it is located in particularly deep waters and presents increased complexity compared to neighboring areas. At the same time, it is considered less promising compared to the neighboring “Southwest of Crete” block, which remains in the consortium’s portfolio and continues to be a key point of interest for future exploration.
The return of the plot will be made to EDEYEP, which is responsible for the management and reallocation of hydrocarbon exploration plots in Greece. In this context, the “West of Crete” block is expected to be reviewed by the Greek State and it is not excluded that it will be re-announced in a future international tender, possibly together with other plots that had not attracted investment interest in the past.
This specific development does not negate the general interest in the Greek EEZ, but reshapes the map of hydrocarbon exploration in the Eastern Mediterranean. Attention now seems to be shifting to more mature or technically feasible areas, with the aim of better utilizing the available geophysical data and attracting new investments.
As has been pointed out in relevant publications, the withdrawal from this particular block was considered expected due to the limited geological information and the technical difficulty presented by the area.
Overall, the return of the “West of Crete” plot constitutes a significant development for the country’s energy planning, with the coming period expected to determine whether this particular block will return to the market through a new tender and under what terms it will attract new investment interest, fortunegreece.gr noted.
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