Signatures of Greece and Chevron on hydrocarbons

The official presentation will follow at the Acropolis Museum.

Mitsotakis: Important reinforcement and a crucial element of our overall energy strategy

«We welcome Chevron to Greece» said Prime Minister Kyriakos Mitsotakis at the signing of the lease agreements between the Greek state and the Chevron - Helleniq Energy consortium for the concession of exclusive rights to explore and exploit hydrocarbons in the marine areas south of the Peloponnese and Crete.

The Prime Minister said that when his government took office in 2019, he took over a hydrocarbon exploration programme that, although strategically correct on paper, lacked the momentum required. The vision, he said, was there but had not been implemented with the necessary determination.

«From the first day we changed this situation. We moved immediately to ratify agreements that had been signed in the past but had not progressed. We have carried out extensive seismic surveys - more in one year than had been done in the previous decade - to better map our prospects.», he continued.

Mitsotakis said that a few months ago, at the TIF, he announced that we will move to the drilling of the first exploratory well in Greece after more than 40 years.

«Today we are taking another important step - I would even say a leap. The four marine plots that Chevron and Hellenic Energy are entering cover a huge area. To date, our exploration program has covered about 48,000 square kilometers. With this agreement, the area increases to 94,000 square kilometres - almost doubling the area available for exploration in the country with one signature.», he added.

He then underlined: «This is not just another agreement. It is an important reinforcement and a critical element of our overall energy strategy. We fully understand the role that hydrocarbons play - and will continue to play for many years to come. That's why we have invested heavily in natural gas pipelines, compression stations, LNG terminals and gas-fired power plants. These investments are proceeding in parallel with our strategic choices in renewable energy. Greece is dynamically exploiting its solar and wind potential, which is particularly important. From a net importer of electricity, we have evolved into a major exporter’.

Mitsotakis also said that the The European Union's historic decision to wean itself off Russian gas creates significant new opportunities for the country.

«Greece has the infrastructure in place to help its neighbours gain access to gas through new routes. We strongly believe in the Vertical Corridor as an alternative to Russian gas. As Europe reduces Russian supplies, this corridor will become increasingly important geopolitically and economically. We also want to produce our own gas. Europe needs it and we want to help meet that need. So we are very happy to welcome Chevron to Greece. This is a company with a long history in hydrocarbons and significant experience in the Eastern Mediterranean. Its entry into Greece is further evidence of the strong strategic relationship between Greece and the United States, a relationship that is constantly strengthening.», he added.

He concluded by pointing out: «Research involves uncertainty, we all know that. We cannot know for sure what is there until we investigate it. But we believe in this effort. And we are very pleased to have both Chevron and Hellenic Energy, our national energy champion, as partners. Welcome and good luck!».

What hydrocarbon exploration contracts include

Specifically, the concessions concern the following areas «South Peloponnese», «A2», «South of Crete I» and «South of Crete II» and attributed to the joint venture between Chevron and HELLENiQ ENERGY.

On the Greek side, the agreements are signed by the Minister of Environment and Energy Stavros Papastavrou and the Managing Director of the Hellenic Hydrocarbon and Energy Resources Management Company (Hellenic Hydrocarbon and Energy Resources Management Company) Ares Stefatos, and co-signed on behalf of the consortium by the head of HELLENiQ ENERGY.

Immediately afterwards, the contracts will be introduced to Parliament for ratification, paving the way for Chevron's exploration programme to begin.

According to reports, the investment plan is developed in three stages:

• In the first phase, two-dimensional seismic surveys are foreseen with a minimum guaranteed expenditure of more than €20 million.
• In the second phase, which concerns the acquisition of 3D data, investments amount to €24 million.
• The third phase includes exploratory drilling, at an estimated cost of close to €100 million.

The seismic work is scheduled for the end of 2026, with the research vessel chartered by Chevron covering a sea area of approximately 47,000 square kilometres.

This development is part of a wider international context, where the doctrine of «American energy sovereignty» expands the activity of the large American conglomerates. The presence of both ExxonMobil and Chevron in the Greek hydrocarbon sector reinforces the country's geostrategic importance at a time of upheaval in the Eastern Mediterranean.

The two energy giants are simultaneously expanding their activities in the Middle East, Africa and the Black Sea, and are also moving dynamically in markets such as Iraq, Algeria and Azerbaijan. In Greece, the «West» and «Southwest» concessions in Crete with ExxonMobil have already been ratified since 2019, with the next phase involving further deepening of exploration.

The challenge now is to accelerate exploratory drilling to see if the indications of significant natural gas deposits south of Crete will be confirmed. In an environment of increased competition and energy restructuring, Athens is attempting to capitalise on the momentum, claiming the role of a stable and reliable energy hub in the region.