Greece has secured a strategic agreement with the global energy giant Chevron and Helleniq Energy to expand offshore hydrocarbon exploration around Crete and the Peloponnese, according to Greek Minister of Environment and Energy Stavros Papastavrou.
Signed at the Greek Prime Minister’s office with the participation of the Prime Minister, the deal doubles Greece’s exploration area from 48,000 to 96,000 square kilometers. Papastavrou emphasized that the agreement is not only economically significant but also geopolitically strategic, reinforcing Greece’s sovereign rights and contributing to European energy security.
“This partnership brings one of the world’s largest energy companies to Greece, supporting our sovereign rights and countering regional challenges from neighboring states,” Papastavrou told Live News. “It is planned, structured, and executed with calm, ensuring both economic and energy security benefits.”
Economic and Strategic Benefits
The agreement covers seismic and geological research, evaluation, and eventual production, a process expected to take at least five years. Commercial production from Greek hydrocarbon deposits is projected to start between 2027 and 2028.
Papastavrou also highlighted the financial benefits: at least 40% of returns will go to Greece, in addition to the government’s stake through Helleniq Energy. The project will adhere to strict environmental and operational standards, as confirmed by Chevron.
He further noted that the agreement strengthens Greece’s position as a reliable energy partner in Europe and ensures continued collaboration with major international companies, including ExxonMobil.
“Europe needs hydrocarbons, and Greece can be a production hub,” Papastavrou said. “This deal is both a national and a European strategic opportunity, offering long-term energy security and economic growth.”
