Chevron has officially signed a large scale agreement for hydrocarbon exploration rights off the coast of Greece, marking a significant expansion of its Mediterranean portfolio. The deal, finalized on Monday, grants the US energy giant access to four promising blocks in the southern Greek Exclusive Economic Zone (EEZ).
The newly awarded lease areas cover approximately 18,000 square miles (47,000 sq km). The specific blocks include:
- Two blocks south of Crete (South Crete 1 & 2)
- Two blocks south of the Peloponnese (South of Peloponnese & Block A2)
Chevron will hold a 70% operating interest in the consortium, partnering with local energy leader Helleniq Energy, which holds the remaining 30%. The blocks south of Crete are considered particularly prospective for natural gas.
The agreement is subject to ratification by the Greek parliament. Once approved, the consortium will have a five-year exploration phase to conduct 2D and 3D seismic surveys and identify targets for test wells. If successful, this timeline places potential drilling operations in the early 2030s.