Minister of Environment and Energy Stavros Papastavrou has signed the official decisions marking the commencement of a new chapter in Greece’s hydrocarbon exploration activities. Following his approval, the consortium comprising Chevron and Helleniq Energy has been formally declared the successful bidder in the international tender launched last April by the Hellenic Hydrocarbon and Energy Resources Management Company (HEREMA).
The tender concerned the concession of four offshore blocks for exploration aimed at locating potential hydrocarbon reserves.
Chevron Leads the Consortium
According to reports, the HEREMA evaluation committee completed its assessment and negotiations with the operator of the consortium, U.S. energy giant Chevron. The committee recommended that Minister Papastavrou award the tender to the partnership “Chevron Greece Holdings – Helleniq Upstream.”
Chevron was the sole bidder in the competition, expressing interest in early 2025 for the offshore areas “South of the Peloponnese,” “A2,” “South of Crete I,” and “South of Crete II.”
Next Steps Toward Final Contracts
The next phase involves finalizing the four concession agreements between the Greek state and Chevron. These will then undergo review by the Court of Audit before being submitted to Parliament for ratification.
Originally, the contracts were expected to be ratified by the end of 2025, but the process has accelerated, and approval could now come as early as November.
Exploration Timeline and Geopolitical Context
The first stage of exploration will span three years and focus on 2D and 3D seismic surveys. The second, lasting two years, will include additional surveys and exploratory drilling, followed by a final two-year stage with further 3D seismic work and drilling.
Chevron’s entry reinforces the American presence in Greece and the geopolitically sensitive region of Southeastern Europe, further strengthening strategic U.S.–Greek energy cooperation.
Greece’s Hydrocarbon Potential
Preliminary studies by HEREMA estimate potential natural gas reserves of around 680 billion cubic meters. Current exploration activity is centered on the more mature offshore areas “Southwest of Crete” and “West of Crete,” where the ExxonMobil–Helleniq Energy consortium is expected to make an investment decision for initial drilling between 2026 and 2027.
