ExxonMobil is strategically targeting exploration and development opportunities in the East Mediterranean and North Africa to help supply Europe as it phases out Russian gas imports, according to John Ardill, the company’s vice president of exploration and new ventures, speaking at the Offshore Technology Conference 2026.

Strategic Focus on the East Mediterranean

Ardill emphasized the importance of “casting a broad net” in exploration. He highlighted two moderate-sized gas discoveries in the East Mediterranean, each estimated at 6 to 9 trillion cubic feet (Tcf), which ExxonMobil aims to develop quickly. These finds are not as large as the company’s massive Guyana discoveries but are significant for the region. The company is partnering with the governments of Egypt and Cyprus to accelerate development, aiming to offset Europe’s need for liquefied natural gas imports and free up energy for other nations like Japan. Ardill noted that the European Union approved a phase-out of all Russian pipeline gas and LNG imports by the end of 2027, with Russian gas accounting for 13% of EU imports last year, making the East Mediterranean a key location to unlock natural gas.

Frontier Exploration and Smaller Opportunities

Beyond the East Mediterranean, ExxonMobil is preparing to drill its first deepwater well offshore Greece in Block 2 of the north-western Ionian Sea, in partnership with operator Energean. Ardill described this as a high-risk frontier exploration with multibillion-barrel potential, scheduled for early next year. He stressed the importance of balancing frontier exploration, which can open up major finds like Guyana, with smaller opportunities that offer faster returns and a clear path to commerciality. Guyana’s oil output now exceeds 900,000 barrels per day from the Stabroek block, showcasing the company’s rapid development approach.

Expansion into North Africa

ExxonMobil also aims to replicate its success in the US Permian basin by applying its unconventional oil and gas expertise in North Africa, particularly in Algeria. Ardill noted that Algeria holds over 700 Tcf of gas, is located near Europe with existing pipelines, and has a subsurface that is significantly de-risked. The company plans to bring its “Permian machine” to Algeria to develop these resources efficiently.