Chevron Greece Holdings and Helleniq Upstream have been awarded exclusive rights to explore four offshore hydrocarbon areas in Greece, marking a major step in the nation’s energy development strategy. The decision, signed by Greek Energy Minister Stavros Papastavrou, follows an international tender launched in April 2025 by the Hellenic Hydrocarbon and Energy Resources Management Company (EDEYEP).
Chevron Greece Holdings, the local arm of the US energy giant Chevron Corporation, will operate the project alongside Helleniq Upstream, the exploration and production subsidiary of Helleniq Energy, Greece’s largest integrated energy group. This partnership merges global expertise with strong domestic capability, positioning Greece at the forefront of new offshore energy exploration in the Eastern Mediterranean.
The consortium was the only bidder for the blocks “South of the Peloponnese,” “A2,” “South of Crete I,” and “South of Crete II.” The exploration aims to identify natural gas reserves that could strengthen Greece’s energy independence and its role as a European supplier.
Next steps for Chevron Greece Holdings and Helleniq Upstream
Following ministerial approval, four concession contracts will be finalized between Chevron Greece Holdings and Helleniq Upstream and the Greek government. The agreements will undergo review by the Court of Audit before being ratified by the Greek Parliament.
Although ratification was initially expected by late 2025, it may occur as early as November 2025. Once approved, the exploration program will officially begin. This will include:
- Phase 1 (3 years): 2D and 3D seismic surveys;
- Phase 2 (2 years): additional seismic work and exploratory drilling;
- Phase 3 (2 years): advanced 3D mapping and further drilling.
Strategic impact on Greece’s energy and geopolitical landscape
The participation of Chevron Greece Holdings and Helleniq Upstream reinforces the US energy presence in Southeastern Europe and complements ExxonMobil’s existing operations in Greek waters. Together, these US-led partnerships control exploration rights across nearly 47,000 square kilometers (approximately 18,150 sq mi) of offshore territory.
According to EDEYEP, Greece may hold up to 680 billion cubic meters of recoverable natural gas. If confirmed, these reserves could elevate Greece to a key energy player alongside Israel, Cyprus, and Egypt, strengthening Europe’s access to alternative gas sources amid global energy shifts.
By advancing offshore exploration, Chevron Greece Holdings and Helleniq Upstream are not only deepening US–Greek energy ties but also shaping the broader geopolitical balance of the Eastern Mediterranean.
