Chevron Explores Greece’s Offshore Hydrocarbon Potential

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Chevron Explores Greece’s Offshore Hydrocarbon Potential
Chevron Greece Offshore Hydrocarbon
Greece’s offshore hydrocarbon potential has garnered increasing interest in recent years. Credit: AMNA

Greece announced on Monday that Chevron, the world’s second-largest private company active in the hydrocarbon sector, has expressed interest in research in the marine area southwest of the Peloponnese and west of Crete.

In a statement, the Greek energy ministry said that it would issue a decision this week on the exact area of exploration and would launch an international tender soon.

“It is a very important development, part of our national strategy for energy independence and reducing energy costs,” the ministry said.

The Hellenic Hydrocarbon and Energy Resources Management Company (EDEYEP) is expected to submit soon the relevant Strategic Environmental Impact Study.

Greece’s Offshore Hydrocarbon
The area west of Crete and Peloponnese are believed to be rich in natural gas deposits. Credit: EDEYEP

Chevron’s interest in Greece’s hydrocarbon potential

“The natural gas that we seek to locate and export is a critical bridge fuel for Europe until 2050 and for the rest of the planet beyond 2050. Therefore, the exploitation of potential domestic deposits is energetically, economically and socially of great importance for an economically sustainable green transition,” notes the Greek energy ministry.

Chevron’s interest, combined with the fact that ExxonMobil is already active in Greece, marks the simultaneous presence of two energy giants and reinforces the belief that Greece can play a leading role in the global energy market and confirms that our country is an attractive investment destination, the ministry says.

The Minister of Environment and Energy, Theodore Skylakakis, stated: “The investment interest of yet another world-class company, such as the American Chevron, underlines the trust of the international investment community in the government of Kyriakos Mitsotakis, while highlighting once again the potential of Greece to develop into a regional energy hub and ensure its energy independence.”

Greece hydrocarbon potential: Economic benefits, environmental risks

Greece’s offshore hydrocarbon potential has garnered increasing interest in recent years, driven by the discovery of significant reserves in the Eastern Mediterranean and the broader region’s energy dynamics. The country is believed to hold untapped oil and natural gas reserves in its offshore territories, particularly in the Ionian Sea and south of Crete.

Discoveries in neighboring countries like Cyprus, Israel, and Egypt (e.g., the Zohr gas field) have heightened interest in Greece’s unexplored waters. These discoveries indicate that the region is rich in hydrocarbons, suggesting similar potential in Greek waters.

While Greece is committed to transitioning to renewable energy, hydrocarbons remain critical for its energy security and economic development. The exploration and potential exploitation of these resources could support Greece’s energy needs and reduce dependency on imports.

The ecological impact of offshore drilling is a contentious issue, particularly in areas with rich biodiversity. Species such as the endangered Mediterranean monk seal, loggerhead sea turtles, and various cetaceans (dolphins and whales) inhabit these waters.

The use of airguns for underwater seismic testing generates intense sound waves, which can disrupt marine mammals’ communication, navigation, and feeding.

Drilling rigs and support vessels produce continuous underwater noise that can disturb marine life, especially species sensitive to sound, such as whales and dolphins.

Related: Greece Becomes a European Hub for Liquefied Natural Gas

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