ATHENS, Greece — Chevron and its Greek partner Helleniq Energy are nearing an agreement with the Greek government for offshore natural gas exploration around the Peloponnese peninsula and the island of Crete, Energy Minister Theodore Papastavrou announced.
The upcoming deal covers four deepwater blocks located south of Crete and the Peloponnese. It follows a joint bid submitted by Chevron and Helleniq Energy earlier this year, marking one of the most significant exploration initiatives in Greece’s recent energy history.
Before exploration begins, the agreement must be approved by the Court of Auditors and parliament, paving the way for seismic surveys expected to start in 2026. The consortium will then have up to five years to assess potential reserves. Should commercial quantities be confirmed, test drilling could begin between 2030 and 2032.
Greece, which currently produces only small volumes of oil, relies heavily on natural gas imports to meet its energy demand. The country aims to strengthen its role as a regional energy hub and reduce dependence on Russian gas, aligning with the European Union’s diversification strategy following the war in Ukraine.
Chevron, one of the world’s largest integrated energy companies, first showed interest in exploring hydrocarbons southwest of the Peloponnese in January 2025. The project reflects growing global interest in the Eastern Mediterranean’s untapped energy potential.