Chevron and its Greek partner, Helleniq Energy, are close to concluding a deal with the Greek government for offshore natural gas exploration off the Peloponnese peninsula and the island of Crete before the end of the year, Greece’s Energy Minister, Theodore Papastavrou, announced.
The deal covers four deepwater blocks south of Crete and the Peloponnese, and follows a joint bid submitted by Chevron and Helleniq Energy earlier this year.
The endorsement of the Court of Auditors and parliamentary approval are required before seismic surveys can begin in 2026.
The consortium will then have up to five years to identify any potentially recoverable reserves. If commercial prospects are confirmed, test drilling is not expected to take place before 2030–2032.
The country, which currently produces only minimal amounts of oil, is heavily dependent on gas imports to meet its energy needs. Athens is seeking to strengthen its position as a regional gas hub and reduce its reliance on Russian energy, aligning with broader European Union energy diversification goals following Russia’s invasion of Ukraine.
Chevron, one of the world’s largest integrated energy companies, first expressed interest in exploring hydrocarbons southwest of the Peloponnese in January 2025.
