KEY POINTS
- Chevron and Helleniq Energy won rights to explore four major offshore blocks south of Crete and the Peloponnese.
- The exploration programme will run in three phases over seven years, beginning once Parliament ratifies the concession deals.
- The project bolsters US influence in southeastern Europe and could enhance Greece’s energy independence if significant reserves are discovered.
In a milestone move set to reshape Greece’s energy landscape, US oil giant Chevron and Greek refiner Helleniq Energy have emerged as the successful bidders for four major offshore hydrocarbon blocks located south of Crete and the Peloponnese.
The development marks a significant leap forward in Greece’s ambitions to tap into its untapped energy reserves and assert itself as a regional energy hub.
The international tender, launched in April by the Hellenic Hydrocarbons and Energy Resources Management Company (EDEYEP), culminated with Greece’s Environment and Energy Minister Stavros Papastavrou formally approving the concessions.
The joint venture, known as Chevron Greece Holdings – Helleniq Upstream, was officially named the selected applicant following detailed evaluations and negotiations. Chevron will act as the operator for all four blocks.
Sources familiar with the process said the consortium expressed interest earlier this year in the blocks labelled South of Peloponnese, A2, South of Crete I, and South of Crete II. No competing bids were received, underscoring Chevron’s strategic interest in expanding its Mediterranean footprint.
Concession Approval Fast-Tracked as Greece Eyes Early Exploration
The next phase will see the finalisation of four concession agreements between Chevron and the Greek state, which must first be reviewed by the Court of Audit before submission to Parliament for ratification.
Originally, approval was expected by the end of 2025, but the timeline has now been accelerated, with government insiders suggesting that ratification could take place as soon as November.
The entire process is expected to span seven years, setting the stage for potential commercial extraction toward the end of the decade if viable reserves are confirmed.
Chevron’s arrival reinforces the growing American presence in Greece’s energy sector, following ExxonMobil’s operations in the West of Crete and Southwest of Crete blocks through a similar partnership with Helleniq Energy.
Together, the two US firms are now exploring nearly 47,000 square kilometres of Greek seabed, one of the largest contiguous offshore exploration areas in Europe.
