Chevron has expressed interest in two new offshore hydrocarbon exploration areas south of Crete, marking a significant step for Greece’s energy sector.
The Ministry of Environment and Energy has accepted Chevron’s expression of interest for the areas South Crete I and South Crete II. These new blocks expand the country’s energy portfolio, which already includes “Block A2” and “South of the Peloponnese”, increasing the total exploration area to 47,000 square kilometers.
The Minister of Environment and Energy, Stavros Papastavrou, stated that this development represents a “vote of confidence” in the Greek economy and its investment prospects. He emphasized that the government is consistently implementing its strategy for energy security and Greece’s geostrategic strengthening.
Chevron already operates in the Eastern Mediterranean, with activities in Egypt, Israel, and Cyprus, while these new exploration areas are adjacent to offshore blocks where ExxonMobil is actively conducting research. This move enhances the interest of major oil companies in the region, increasing the likelihood of discovering commercially viable reserves.
The relevant Ministerial Decisions will follow, specifying the exact coordinates and the announcement of an international tender.
Active Hydrocarbon Exploration and Production Contracts
As of March 26, 2025, there are eight active hydrocarbon exploration and production contracts in Greece, with the participation of major investors such as ExxonMobil, HELLENiQ ENERGY, and Energean.
The Prinos area is in the production phase, Katakolo is in the development phase, while six other areas are in the exploration phase:
- Three offshore areas in the Ionian Sea (Block 2, Block 10, Ionian Block)
- Two offshore areas in Crete (West of Crete, Southwest of Crete)
- One onshore area – Ioannina – which is in the most advanced phase.
Contractors:
- Ioannina: Energean Oil & Gas (100%)
- Block 2: Energean Hellas Ltd. (75% and Operator) and HELLENiQ Upstream Western Corfu S.A. (25%)
- Block 10: HELLENiQ Upstream Kyparissiakos Gulf S.A. (100%)
- Ionian Block: HELLENiQ Upstream Ionian S.A. (100%)
- West of Crete: ExxonMobil Exploration & Production Greece B.V. (70% and Operator) and HELLENiQ Upstream West of Crete S.A. (30%)
- Southwest of Crete: ExxonMobil Exploration & Production Greece B.V. (70% and Operator) and HELLENiQ Upstream Southwest of Crete S.A. (30%)