A new chapter is opening for hydrocarbon exploration in Greece, as the signing of concession agreements with the US oil company Chevron for four offshore areas in the Peloponnese and Crete is expected to be completed in February.
According to information, by February 20, executives of the company's management will be in Athens, where a special event will be held for the signing of the contracts with the Greek government. The agreements concern the blocks «South Peloponnese», «A2», «South of Crete I» and «South of Crete II», which the company secured through an international tender.
The Greek side is expected to be represented by the Minister of Environment and Energy, Stavros Papastavrou, at a joint event with the Hellenic Hydrocarbons and Energy Resources Management Company. Following the signing, the contracts will be forwarded to the Parliament for ratification.
Investigations in an area of 47,000 square kilometres
Chevron will work with HELLENiQ ENERGY to implement the exploration program, which covers a total of four marine areas covering approximately 47,000 square kilometers.
The aim is to start seismic surveys in late 2026 or early 2027, marking the first substantial phase of exploration of potential deposits in these areas.
Geopolitical reinforcement in the Eastern Mediterranean
Chevron's participation in the Greek hydrocarbons programme is considered particularly important at a geopolitical level. The presence of an American energy giant in the Greek EEZ strengthens the country's position in the wider Eastern Mediterranean region, where energy and geostrategic balances are evolving.
The company already has a strong presence in the region, with a stake in the Leviathan field in Israel and activities in the Cypriot EEZ. At the same time, it is expanding its exploration activities to other countries, with reports of it being involved in projects in Libya and the Black Sea in cooperation with Turkey.
This development strengthens Greece's role as an energy player in the region and creates prospects for significant investments if exploitable deposits are identified.