Chevron has expressed interest in energy exploration in Greece, marking a significant step in the U.S. oil producer's expansion within the Eastern Mediterranean. The company has submitted a non-binding expression of interest for an open exploration block to Greece's Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA).
The Greek Energy Ministry confirmed the submission and described Chevron’s interest as a major milestone in its national energy strategy. According to the ministry, the move aligns with Greece’s broader goals to enhance energy independence, reduce energy costs, and attract global energy leaders to the region.
The exploration area under consideration stretches from the southwest of the Peloponnese peninsula to the west of Crete. The government has announced plans to increase the research area for exploration by 25%, equivalent to an additional 11,000 square kilometers. This expansion is expected to bolster Greece’s energy prospects significantly.
Chevron emphasized its commitment to the Eastern Mediterranean, where it already has substantial operations, including gas fields in Israel and interests in Egypt and Cyprus. "Chevron has a large and important position in the Eastern Mediterranean, a region which is very much a part of our future and a priority for us," a company spokesperson said.
The European Union’s ongoing efforts to reduce reliance on Russian gas following the Ukraine conflict have underscored the importance of exploring domestic resources. Greece, viewing natural gas as a vital transition fuel, has accelerated efforts to explore its hydrocarbon potential while also ramping up its renewable energy capacity.
In October, an ExxonMobil-led consortium advanced to the second phase of seismic research for gas exploration off the coast of Crete. This latest development adds momentum to Greece’s energy exploration initiatives and signals heightened international interest in its resources.
In addition, Greece is making strides to balance energy development with environmental conservation. The government announced plans to release certain licensed offshore areas in the Ionian Sea to expand a marine park, aimed at protecting marine biodiversity, sea mammals, and seabirds.
"This is a very important development, part of our national strategy for energy independence and reducing energy costs," the Greek Energy Ministry stated.
