Chevron Eyes Hydrocarbon Exploration in Greece, Energy Ministry Confirms

U.S. energy giant Chevron has expressed interest in exploring hydrocarbon resources in Greece, specifically in areas southwest of the Peloponnese peninsula and west of Crete, the Greek Energy Ministry announced on Monday.

The ministry stated that an official decision regarding the exploration zones would be issued this week, followed by an international tender. "This is a significant development aligned with our national strategy for energy independence and cost reduction," the ministry said.

Chevron has yet to comment on the announcement.

Greek government spokesperson Pavlos Marinakis revealed that existing exploration areas would expand by 25%, adding approximately 11,000 square kilometres (4,250 square miles). Some offshore regions in the Ionian Sea, currently under license, will be released to create a marine park, following an agreement with license holders.

Amid ongoing energy concerns due to the war in Ukraine and Europe's effort to reduce reliance on Russian gas, Greece has been seeking to capitalise on its domestic energy potential. While the country historically produced small quantities of oil, it is increasingly prioritising gas as a transitional energy source while boosting renewable energy investments.

In October, a consortium led by ExxonMobil advanced to the second phase of seismic research for gas exploration in an offshore block near Crete. The Energy Ministry highlighted that Chevron's interest, alongside ExxonMobil's presence, underscores Greece's potential as a key player in the global energy market.

Additionally, the Greek government aims to establish two marine parks in the Ionian and Aegean Seas. Environmental studies for the Ionian marine park are expected to be completed this month, according to a government official.

Greece continues to leverage its strategic location and agreements, such as the 2020 maritime boundary treaty with Italy, to balance environmental conservation and energy development.

(Source: Reuters)