Energy giant Chevron has officially expressed interest in expanding its hydrocarbon exploration efforts in Greece. The company has applied to explore natural gas deposits in offshore areas, specifically southwest of the Peloponnese and west of Crete, adjacent to areas covered by earlier tenders in 2014 and 2018.

Greek Minister of Environment and Energy Theodoros Skylakakis confirmed Chevron’s formal request, which was accepted by the government. In a published statement, the Greek Ministry of Environment and Energy described this decision as part of Greece’s strategy to enhance energy independence, reduce costs while also protecting the environment.

Skylakakis emphasised that Chevron’s interest shows “the trust of the international investment community in Kyriakos Mitsotakis’ government, while once again showcasing Greece’s potential to evolve into a regional energy hub and ensure its energy independence.”

The Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA), the state-owned entity responsible for managing Greece’s hydrocarbon and energy resources, submitted its advisory to the Ministry of Environment and Energy to initiate the licensing process.

HEREMA also defined the exact boundaries of the exploration areas and submitted a Strategic Environmental Impact Assessment (SEIA) for the new concessions. The agency is currently finalizing the draft of the international invitation to tender, which will be submitted to the Ministry for final approval.

Chevron’s involvement follows in the footsteps of ExxonMobil, which has advanced to the second phase of gas exploration off Crete, marking a growing interest by US firms in the region. HEREMA CEO, Aristofanis Stefatos highlighted the significance of Chevron’s interest as it “endorses our estimates that Greece has significant potential for the discovery of commercially viable natural gas deposits.”

Cover Photo Credit: HEREMA