Greece is in the final stages of negotiating a major offshore energy exploration contract with US oil major Chevron and local partner Helleniq Energy, aiming to conclude the deal by the end of 2025. The agreement would mark a milestone in Greece’s efforts to boost domestic energy production and strengthen its position as a regional gas transit hub.
Chevron and Helleniq Energy have jointly bid to explore four deep-sea blocks off the Peloponnese peninsula and the island of Crete. “We are working intensively with the US company and Helleniq Energy to meet the timetables and conclude the contract within 2025,” said Energy Minister Stavros Papastavrou on Action24 television.
The initiative aligns with the European Union’s strategy to reduce dependence on Russian gas and enhance energy security following the invasion of Ukraine. Greece, which currently imports most of its gas for power generation and domestic use, hopes the exploration will unlock new reserves and attract long-term investment in its energy sector.
Once signed, the contract will require approval from Greece’s court of auditors and parliament before Chevron begins seismic surveys in 2026. The exploration phase is expected to last up to five years, with any potential test drilling anticipated between 2030 and 2032.
