The two-day Transatlantic Energy Cooperation (P-TEC) meeting in Athens opened with the signing of an agreement between ExxonMobil, Energean, and Hellenic Energy, granting Exxon a 60 percent stake in Greece’s offshore ‘Ionio 2’ block.
The US has designated Greece as a central partner in its strategy to replace Russian natural gas in Western Europe with American liquefied natural gas (LNG), US officials said Thursday at the opening of the Transatlantic Energy Cooperation (P-TEC) meeting in Athens.
US Energy Secretary Chris Wright said the US has large reserves and the opportunity to substitute every cubic meter of Russian gas in Western Europe with supply security and reduced cost, for mutual benefit. He stressed that every cubic meter of Russian gas that does not reach Europe will stay in the ground and will not fund Russian President Vladimir Putin’s war machine. Greece, he noted, is the ideal entry point, a historic maritime power, with the infrastructure to bring American LNG into Europe.
US Interior Secretary Doug Burgum added that the US will sell energy to friends and allies so they do not buy energy from terrorists. The US, he said, will produce as much gas as it can to drive down prices. Both officials outlined President Donald Trump’s broader energy policy, emphasizing deregulation, energy independence, and expanded US exports.
The two-day conference opened with the signing of an agreement between ExxonMobil, Energean, and Hellenic Energy, granting Exxon a 60 percent stake in Greece’s offshore “Ionio 2” block. In a video message posted on social media, Prime Minister Kyriakos Mitsotakis called the deal “historic.”
“Today we are writing a new chapter in Greece’s energy history,” Mitsotakis said. “This is not just another investment. It is the first exploratory drilling in our country in almost 40 years,” he continued, adding that the process could begin within 18 months. US officials in Athens also highlighted Greece’s growing importance as an energy hub, focusing on LNG transport infrastructure, capacity upgrades along the Vertical Corridor, and collaboration with Greek shipping firms.
Wright told ministers and executives from 25 countries at Zappeion Hall that if the infrastructure is built, then every molecule of Russian gas in Europe will be replaced. Washington’s plan relies on Greek terminals at Revithoussa and Alexandroupoli, and may include participation by the US Development Finance Corporation (DFC) in a second floating terminal at Alexandroupoli.
Greek Energy Minister Stavros Papastavrou said Greece’s stability and prosperity “require full independence from Russian natural gas,” adding that domestic companies are ready to support the effort.