Greece is approaching a decisive moment in its ambitious push to explore potential hydrocarbon reserves. The country is holding an international licensing round for the exploration and exploitation of offshore blocks “South of Peloponnese,” “A2,” “South of Crete I,” and “South of Crete II.”
According to the terms of the tender, bids must be submitted by 5:00 p.m. on September 10. Companies participating in the process are required to deliver the necessary documentation to the offices of the Hellenic Hydrocarbons and Energy Resources Management Company (EDEYEP). Sources indicate that EDEYEP’s board may convene as early as Wednesday to appoint the Evaluation Committee responsible for reviewing the submissions.
Once the deadline passes, the committee will open the submitted files within 10 days, recording the documents and scheduling three to four additional meetings to complete the evaluation. At the conclusion, competitive bids will be unsealed, paving the way for negotiations with investors. By the end of the week, preliminary information on the number of participants—and potentially their identities—could be made public.
The Ministry of Environment and Energy, led by Stavros Papastavrou, expresses cautious optimism about the round’s outcome. Confirmation that Chevron, the U.S. energy giant, has submitted a binding bid would mark a significant success. However, whether Chevron will act on its expressed interest remains uncertain.
Participation by HELLENiQ ENERGY is considered certain, with speculation that the Greek energy firm could form a partnership with Chevron. It is also yet to be seen which blocks each company will target—or whether they aim to pursue all available areas.
Even the prospect of Chevron’s involvement is expected to bolster Greece’s geopolitical standing. With hydrocarbon developments underway in Libya and Egypt, the presence of Chevron, alongside ExxonMobil’s activities in the “West of Crete” and “Southwest of Crete” blocks, would strengthen Greece’s position in the Eastern Mediterranean—particularly as both major U.S. oil companies expand their regional footprint.
