Greece has accepted Chevron’s interest in exploration for hydrocarbons off the island of Crete, the Greek Ministry of the Environment and Energy said Wednesday.
US energy giant Chevron, the world’s second largest private company in the hydrocarbon sector, has expressed interest in exploring blocks I and II south of Crete for potential hydrocarbon deposits. The US company has recently also expressed interest in exploring the offshore area southwest of the Peloponnese and west of Crete.
According to insiders speaking to Kathimerini, this region is of particular interest to the American company. However, it is considered a geopolitically sensitive area because it overlaps with the borders of the illegal memorandum signed between Turkey and Libya.
Chevron’s move will boost Greece’s position in the international markets as it will now have four new areas of concession, covering a total area of 47,000 square kilometers: Block A2, South of the Peloponnese, South of Crete I and South of Crete II.
Chevron now holds the most areas of concession, followed by ExxonMobil with 35,655 square kilometers, Helleniq Energy with 8,564 square kilometers and Energean with 2,414 square kilometers.
The expansion of available exploration plots increases the chances of identifying commercially viable hydrocarbon deposits, the ministry added in the statement.
Stavros Papastavrou, Greece’s Minister of the Environment and Energy, said that Chevron’s interest “is a vote of confidence in Greece. It proves that our country remains an attractive investment destination, with a reliable government that guarantees stability. At the same time, it is a strong indication for the existence of significant natural energy resources, critical for our country, the Eastern Mediterranean and Europe.”
Papastavrou added that “the relevant ministerial decisions will follow, outlining the precise coordinates and launching an international tender.”
Interest in Greece’s hydrocarbon potential: Economic benefits, environmental risks
In January, Greece announced that Chevron had 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.
Chevron’s interest, combined with the fact that ExxonMobil is already active in Greece, marks the simultaneous presence of two energy giants, 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 said.
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.
While Greece is committed to transitioning to renewable energy, hydrocarbons remain critical for its energy security and economic development.
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.