Mitsotakis Oversees Landmark Chevron Deal for Crete and Peloponnese Energy Blocks

Greece is entering a new phase in its energy policy, as contracts are signed for the concession of four offshore areas in the Peloponnese and south of Crete to a joint venture between Chevron and HELLENiQ ENERGY.

The concession areas — “South Peloponnese,” “A2,” “South of Crete I,” and “South of Crete II” — mark the formal restart of large-scale hydrocarbon exploration in Greek waters after years of limited activity.

A strategic presentation will follow at the Acropolis Museum, underlining the symbolic and geopolitical weight of the initiative.

€140 Million Investment – The First Phase

The initial exploration phase includes:

• Seismic surveys worth approximately €40 million
• Prospect of exploratory drilling investments reaching €100 million

Seismic operations are expected to begin in late 2026, covering approximately 47,000 square kilometers of offshore territory. Both 2D and 3D seismic imaging will be conducted to map subsurface geological formations and identify potential drilling targets.

This will be one of the most extensive offshore geophysical campaigns conducted in Greece in recent years.

Geopolitical Dimension and U.S. Energy Footprint

Chevron’s entry into Greece reflects more than a commercial move. It aligns with a broader strategy of American energy expansion in the Eastern Mediterranean — a region of growing strategic and energy significance.

Athens aims to:

• Diversify energy supply sources
• Reduce dependence on imported hydrocarbons
• Strengthen its geopolitical leverage
• Link upstream exploration with regional gas infrastructure, including the Vertical Gas Corridor

If successful, the new concessions could position Greece as a potential producer and regional energy hub.

Institutional and Environmental Framework

Following the signing ceremony, the contracts will be submitted to Parliament for ratification. Approval of the Environmental Impact Study is expected in the second half of 2026 before full operational deployment.

The government seeks to balance:

• Investment acceleration
• Strict environmental safeguards
• Alignment with the EU’s long-term energy transition strategy

A Strategic Reset for Greek Hydrocarbons

After years of stagnation, the revival of offshore exploration signals:

•  Return of major international investors
• Enhanced energy security
•  Potential future state revenues
•  Geopolitical upgrading of Greece’s role

The initiative reflects a pragmatic energy doctrine: hydrocarbons are positioned not as an alternative to the green transition, but as a transitional pillar supporting economic and strategic stability.

Tomorrow’s signing is therefore more than a contractual milestone — it is a strategic statement about Greece’s long-term energy direction.

Source: pagenews.gr