Chevron Eyes Oil and Gas Exploration Off Greece
January 20, 2025
U.S. oil producer Chevron has expressed an interest in exploring for hydrocarbons in Greece, southwest of the Peloponnese peninsula and up to the west of the island of Crete, the Greek energy ministry said on Monday.
The ministry added in a statement that it would issue a decision this week on the exact area of exploration and would launch an international tender soon.
"It is a very important development, part of our national strategy for energy independence and reducing energy costs," the ministry said.
Chevron did not immediately reply to a request for comment.
The existing research areas for exploration would eventually be increased by 25%, or by 11,000 square kilometres (4,250 square miles), government spokesperson Pavlos Marinakis said.
Russia's invasion of Ukraine and fears over gas supplies in Europe have forced the European Union to seek ways to reduce reliance on Russian gas. That has increased the need for Greece to tap domestic resources.
Greece, which views gas as a transition fuel as it ramps up renewables capacity, has produced small quantities of oil in the past and has attempted to explore its hydrocarbon potential.
In October, the country said that an ExxonMobil-led consortium would move to the second phase of seismic research for gas exploration in a block off Crete.
The ministry said that Chevron's interest, while ExxonMobil is already active in the country, showed that Greece can play a leading role in the global energy market.
In the meantime, some already licensed offshore areas in the Ionian Sea would be released to expand a planned marine park, the ministry said, adding that an agreement had already been reached with the licensees on the issue.
Greece, which in 2020 signed an agreement on maritime boundaries with Italy, aims to create two marine parks, in the Ionian and Aegean Seas.
A government official told Reuters that environmental studies on the Ionian marine park would be ready this month.
(Reuters - Reporting by Angeliki Koutantou, Renee Maltezou and Lefteris Papadimas. Editing by David Goodman and Mark Potter)
