A new chapter in hydrocarbon exploration in Greece officially opened on February 16 with the signing of concession agreements for four offshore blocks located south of Crete and the Peloponnese.
Chevron Corporation, via its four Dutch subsidiaries, together with HELLENiQ ENERGY signed lease agreements with the Hellenic Republic which will enable exploration of four blocks offshore Greece.
The blocks, which are located south of Crete (South Crete 1, South Crete 2) and within the Peloponnese (South of Peloponnese, and Block A2), cover a total area of approximately 47,000 square kilometers.
The awarded consortium, in which Chevron holds a 70% operating interest and HELLENiQ ENERGY a 30% interest, was selected following an international call for tender launched by the Greek government in 2025.
Under the terms of the lease agreements, the consortium will complete 2D and 3D seismic exploration work programs in phase one of the leases, to assess the hydrocarbon potential of the areas. The target areas lie in ultra-deepwater settings – some beyond 1,500 meters of sea depth – with complex geological structures.
The lease agreements are now subject to ratification by the Greek Parliament.
“This is another important milestone for Chevron as we continue building momentum in the Mediterranean region, an area where we already have a significant position and are actively pursuing exploration opportunities to further strengthen and expand our portfolio,” said Kevin Mclachlan, vice president of exploration at Chevron.
The signing ceremony took place in Athens in the presence of the Greek prime minister, Kyriakos Mitsotakis and senior representatives from the ministry of environment and energy, Chevron, and HELLENiQ ENERGY.
“Greece very well understands the role that hydrocarbons play in our system – and will continue to play for years to come,” prime minister Kyriakos Mitsotakis said at the Maximos Mansion during the signing ceremony. “And this is why we have heavily invested in gas pipelines, in compression stations, in LNG terminals, in gas-fired power plants. And this investment comes alongside other important strategic bets. We, of course, continue to heavily invest in renewables to explore our solar and our wind resources, which are significant,” he added.
The prime minister underscored that the EU’s decision to pivot away from Russian gas creates new opportunities for Greece.
He pointed to Greece’s ready infrastructure as a gateway for neighboring countries, stating that the Vertical Corridor will serve as an alternative to Russian gas, providing both geopolitical stability and economic growth.
In closing, he emphasized: “We’re very happy to welcome Chevron to Greece. You’re a company with a very long history in hydrocarbons. You’re a company that knows the Eastern Med quite well. And of course, you are an American company, and your entry into Greece is one more proof, Madame Ambassador, of the very strong strategic relationship between Greece and the United States, a relationship that is getting stronger by the day.”
