GREECE is advancing a major step in its offshore hydrocarbon strategy, as Energy and Environment Minister Stavros Papastavrou confirmed that the government has approved four key contracts with the Chevron–HelleniqEnergy consortium for hydrocarbon exploration south of Crete and the Peloponnese. These contracts have now been cleared by the Hellenic Court of Audit and are being referred to Parliament for ratification.
Speaking in a televised interview, Mr Papastavrou described the approval as “a very important development” that places Greece at the center of European investment interest — underlining the strategic importance of energy autonomy amid broader geopolitical volatility. He noted that once Parliament ratifies the contracts, the next steps will involve geophysical and seismic surveys, with early exploratory work planned for 2026.
According to additional reporting, this agreement is part of a wider push to expand Greece’s role in Eastern Mediterranean energy dynamics. The government has emphasized that the process is designed to support both domestic energy development and broader energy partnerships, including future infrastructure such as an electricity interconnection project with Saudi Arabia and deeper ties with international investors.
Why This Matters
- Strategic Energy Position: The Chevron‑linked contracts reinforce Greece’s strategic profile in European energy supply and security, especially as global and regional markets face volatility.
- Timeline Toward First Surveys: The government aims to begin geophysical and seismic research during 2026, paving the way for possible future drilling and production.
- Economic and Geopolitical Impact: Advancing these contracts signals confidence in Greece’s legal and regulatory framework for offshore energy, which energy officials argue will attract further investment and underscore Greece’s sovereign rights in its Exclusive Economic Zone (EEZ).
This development marks a potential turning point in Greece’s energy strategy, aligning domestic resource exploitation with broader European investment and security priorities. If Parliament endorses the contracts as planned, the Chevron‑HelleniqEnergy partnership could become one of the most consequential energy projects in the Eastern Mediterranean in recent years
Source: pagenews.gr