March 26, 2025 – The Greek Ministry of Environment and Energy announced today a significant step forward in the country’s energy strategy, as Chevron, the world’s second-largest private American energy company, expressed interest in exploring two offshore blocks south of Crete for hydrocarbons.
This move, which doubles Greece’s active marine exploration area, underscores growing international confidence in the nation’s energy potential and investment climate under the leadership of Prime Minister Kyriakos Mitsotakis.
The blocks, designated “South Crete I” and “South Crete II,” span areas outlined in a 2014 international tender by the Greek government. Chevron’s interest follows its recent commitment to explore the “South Peloponnese” maritime area, a decision initially accepted by former Minister Theodore Skylakakis and reaffirmed today. With the addition of these new zones, alongside “Block A2,” Greece now offers four concession areas totaling 47,000 square kilometers for exploration—a development that significantly boosts the likelihood of discovering commercially viable deposits.
Minister of Environment and Energy Stavros Papastavrou hailed the news as a “vote of confidence” in Greece, emphasizing Chevron’s global stature and its active presence in the eastern Mediterranean, including Egypt, Israel, and Cyprus. “This fact proves that our country continues to be an attractive investment destination, with a reliable government that guarantees stability,” Papastavrou said. He added that the interest reflects Greece’s potential to harness “significant natural energy resources” vital for the nation, the region, and Europe. The ministry will soon issue decisions detailing the coordinates, contract type, and international tender process for the new blocks, which already have approved Strategic Environmental Impact Studies.
The Hellenic Hydrocarbon and Energy Resources Management Company, led by Managing Director Aristophanes Stefatos, played a pivotal role in facilitating this expansion. The new areas lie adjacent to concessions where ExxonMobil is already conducting intensive exploration, signaling a broader trend of heightened U.S. oil industry investment in the eastern Mediterranean.
Papastavrou underscored the government’s commitment to its vision: “The Government of Kyriakos Mitsotakis is consistently implementing its commitments for a Greece that is energy-secure, investment-attractive, and geostrategically strong.” As Greece prepares to enter international markets with these expanded offerings, the development marks a transformative moment in its pursuit of energy independence and economic growth.
Source: Ministry of Environment and Energy Press Office