A consortium headed by Chevron on Feb. 16 signed exclusive lease deals with Greece for hydrocarbon exploration in four offshore blocks south of the Peloponnese and Crete, significantly expanding U.S. energy involvement in the eastern Mediterranean.
The agreement doubles the maritime area Greece has opened for exploration and marks the second recent deal involving a major U.S. energy firm, as Europe looks to reduce reliance on Russian supplies and Washington seeks a larger role in regional energy flows.
Previously, ExxonMobil joined Greek partners Energean and Helleniq Energy in a separate exploration project off western Greece.
Under the new contracts, the Chevron-led venture will conduct seismic surveys across roughly 47,000 square kilometers, with initial research expected to begin later this year pending parliamentary approval.
The consortium has up to five years to identify commercially viable reserves, while any test drilling is not anticipated before the early 2030s.
The leases, signed in Athens, cover the offshore concessions “South Peloponnese,” “A2,” “South Crete I” and “South Crete II.” Investment commitments for the first exploration phase, involving two-dimensional seismic surveys, exceed 20 million euros, followed by about 24 million euros for 3D surveys and an estimated 100 million euros for drilling.
Athens, which currently relies on imports for its gas needs, has revived exploration plans after the energy price shock triggered by Russia’s invasion of Ukraine. By attracting major U.S. oil companies and participating in regional infrastructure initiatives such as the Vertical Corridor, Greece aims to position itself as a strategic energy hub linking supply routes in Europe and the eastern Mediterranean.
