In the first week of November 2025, TTF natural gas futures traded within a narrow range between €31.20 and €32.55 per MWh, showing limited volatility and remaining close to late-October levels. This stability reflected a short-term balance between supply and demand fundamentals in the European gas market.
TTF gas futures on the ICE market for December 2025 delivery were slightly higher than during Week 44, averaging around €32/MWh throughout the week. On Tuesday, November 4, prices rose by 2.6% from the previous day to reach the weekly high of €32.55/MWh—2.5% above the level recorded on Tuesday, October 28. Prices then declined slightly, with the weekly low of €31.20/MWh recorded on Friday, November 7—1.1% below the prior session but still 0.3% higher than on Friday, October 31. The weekly average settlement price reached €31.77/MWh, up 0.5% from the previous week. As of press time, the one-month forward contract at TTF was trading at €31.06/MWh ($9.90/MMBtu).
On November 6, ExxonMobil, HelleniQ Upstream, and Energean Hellas signed a farm-in agreement for exploration rights in Block 2, located in the northwestern Ionian Sea. Under the deal, ExxonMobil will hold a 60% stake, Energean 30%, and HelleniQ Energy 10%. Energean will lead the project during the exploration phase, while ExxonMobil will assume operatorship if drilling confirms commercial gas reserves.
Block 2 is considered the most advanced concession in Greece for exploratory drilling following the analysis of 3D seismic data in 2022. The area has an estimated success probability of 15–18%, representing a high-risk, high-reward opportunity. Located 30 kilometers west of Corfu, Block 2 covers an area of 2,422 square kilometers in the Pre-Apulian geological zone, adjacent to Italy’s exclusive economic zone. The planned exploratory well, Asopos-1, will target a potential carbonate reservoir at a depth of around 4,000 meters and could hold an estimated 200 billion cubic meters (bcm) of natural gas.
The agreement was signed during the U.S.–Greece Partnership for Transatlantic Energy Cooperation (P-TEC) meetings in Athens. The United States, aiming to expand its role in Europe’s energy supply through liquefied natural gas (LNG), has supported efforts to diversify European energy sources away from Russian gas.
“This significant exploration agreement paves the way for potential future drilling investments around 2027,” said John Ardill, ExxonMobil’s vice president of global exploration.
Mathios Rigas, CEO of Energean Plc, emphasized that the agreement represents a key milestone in developing Greece’s natural resources and strengthening its position on Europe’s energy map. “Collaboration with ExxonMobil in Block 2 is not only a new business venture—it’s a national opportunity to prove that Greece can achieve energy independence while adhering to the highest international standards,” Rigas stated.
The first exploratory drilling is expected in late 2026 or early 2027, with potential first gas production projected for the early 2030s if results are positive. The investment required for the project is estimated between $50 million and $100 million.
Greece, which currently produces small volumes of oil and relies heavily on gas imports for power generation and domestic use, aims to expand exploration to enhance energy security and position itself as a regional energy hub. Gas from Block 2 could be supplied to the domestic market or integrated into the Trans Adriatic Pipeline (TAP) system, which carries gas from Central Asia to Italy, according to Energean CEO Mathios Rigas.
