Preliminary studies by HEREMA estimate potential natural gas reserves of around 680 billion cubic meters.

Greece views Chevron’s bid for exploration rights south of Crete as a sign of U.S. trust and a possible step toward de facto maritime delimitation with Libya

Chevron and HelleniQ Energy have jointly submitted a formal bid to acquire four offshore blocks south of Crete and the Peloponnese.

With the hydrocarbons tender closing September 10, Athens hopes Chevron and HELLENiQ ENERGY will commit to offshore exploration off Crete and the Peloponnese

Global oil majors are eyeing Greece’s upcoming tender for hydrocarbon exploration off Crete and the Peloponnese, with Chevron, BP, Eni and domestic player HELLENiQ ENERGY seen as potential bidders ahead of the September deadline

Sally Jones, Senior Advisor for International Affairs at Chevron: “Chevron maintains a strong and meaningful presence in the Eastern Mediterranean, a region that represents a core priority and an essential part of our future.”

The timing of the call is seen as particularly significant, taking place against the backdrop of Libya’s objections to Greece’s offshore concessions south of Crete.

New seismic surveys by ExxonMobil southwest of Crete are not ruled out, according to Andreas Siamisis, CEO of HELLENiQ ENERGY.

The visit was part of the Greek government's broader effort to promote investment in the country's hydrocarbon sector.

The Greek government is attributing geopolitical significance to Papastavrou's visit, aiming to capitalize on Chevron and ExxonMobil's activities to strengthen the strategic alliance with the United States.

This step marks a significant development in Greece’s ongoing efforts to tap into its underexplored energy reserves.

Chevron recently declared its intent to explore a third area, south of the Peloponnese.

“The interest from Chevron is important because a leading American multinational chooses to invest in Greek maritime plots, thus practically recognizing Greece's EEZ in the area,” the prime minister said.

Chevron has formally expressed interest in the offshore area "South of the Peloponnese" and, as of March 26, also for blocks "South of Crete I" and "South of Crete II."

Multinational expresses interest in hydrocarbon exploration in two blocks due south of the large island of Crete

This development follows Chevron’s recent interest in an offshore area south of the Peloponnese, a move that was reaffirmed today and has already been approved by the ministry.

In line with this effort, the Hellenic Hydrocarbon Resources Management and Energy Resources Company (HEREMA) is submitting the Strategic Environmental Impact Study today