Greece Signs Offshore Drilling Contract for First Time in 40 Years
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 day ago
0mins
Should l Buy XOM?
Source: seekingalpha
- Contract Signing: Exxon Mobil (XOM), Energean (EERGF), and Greece's largest refiner Helleniq Energy have signed a contract with Stena Drilling to conduct exploratory drilling in western Greece, marking the country's first offshore exploration in 40 years scheduled for February 2027.
- Exploration Block: The drilling will focus on Block 2 in the Ionian Sea, aiming to discover natural gas reserves, which is expected to create new growth opportunities for Greece's energy market and enhance national energy independence.
- Technical Advantage: Stena will deploy a high-performance vessel capable of operating in deep-sea waters and drilling up to 35,000 feet deep, targeting deposits that were previously considered hard to access, thereby driving technological advancements and resource development.
- Market Impact: This drilling initiative is poised to elevate Greece's status in the international energy market and may attract more investors to the region's energy potential, fostering economic growth and job opportunities.
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Analyst Views on XOM
Wall Street analysts forecast XOM stock price to fall
19 Analyst Rating
12 Buy
7 Hold
0 Sell
Moderate Buy
Current: 149.010
Low
114.00
Averages
132.17
High
158.00
Current: 149.010
Low
114.00
Averages
132.17
High
158.00
About XOM
Exxon Mobil Corporation is an energy provider and chemical manufacturer. The Company’s principal business involves exploration for, and production of, crude oil and natural gas; the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals and a wide variety of specialty products; and pursuit of lower-emission and other new business opportunities, including carbon capture and storage, hydrogen, lower-emission fuels, Proxxima systems, carbon materials, and lithium. Its Upstream segment explores for and produces crude oil and natural gas. The Energy Products, Chemical Products, and Specialty Products segments manufacture and sell petroleum products and petrochemicals. Energy Products segment includes fuels, aromatics, and catalysts and licensing. Chemical Products segment consists of olefins, polyolefins, and intermediates. Specialty Products segment includes finished lubricants, basestocks and waxes, synthetics, and elastomers and resins.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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