A major contract for exploratory hydrocarbon drilling in the Ionian Sea marks Greece’s first such project in over 40 years, with operations expected to begin in 2027

Following talks at CERAWeek, Greek Ministers and Chevron agreed on steps to fast-track offshore exploration, with seismic surveys south of Crete planned before the end of 2026.

Oil exploration in the Ionian Sea, in western Greece, entered its second phase after the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) announced the consortium of Energean-ExxonMobil and HELLENiQ ENERGY had officially submitted its intent to continue operations in Block 2. ExxonMobil has officially joined the Block 2 offshore hydrocarbon concession in Greece as […]

The agreements grant rights for the exploration and potential exploitation of hydrocarbons in maritime blocks south of Crete and the Peloponnese

The former Greek prime minister criticized the government’s handling of offshore energy exploration south of Crete and raised concerns about alleged Turkish interference near Kasos, prompting a sharp response from government sources.

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On the ExxonMobil front, Papastavrou confirmed that Greece will conduct its first exploratory drilling in nearly half a century in the first half of 2027.

A series of hydrocarbon drilling operations in Greece from 2027 to 2032

The U.S. oil major will sign four hydrocarbon exploration concessions in Athens, deepening American involvement in Greece’s energy sector and linking offshore ambitions to broader LNG and geopolitical strategy

According to sources, senior executives from U.S. energy giant Chevron are expected in Athens by February 20 to sign concession agreements with the Greek state.

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Industry estimates indicate that Chevron is expected to begin initial seismic surveys in these offshore blocks in 2026.

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The double significance of the agreement signed on hydrocarbons and the production schedule

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

Greek PM Kyriakos Mitsotakis receiving visiting US Secretary of the Interior Douglas Burgum ahead of the expected opening of bids for hydrocarbon exploration in blocks south of Crete

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

Confirmation that Chevron, the U.S. energy giant, has submitted a binding bid would mark a significant success.

Greece expects major American companies to join hydrocarbon exploration south of Crete, a move seen as boosting its energy program and countering Turkish claims in the Eastern Mediterranean