“We welcome Chevron to Greece,” Prime Minister Kyriakos Mitsotakis said on Monday, during the signing of lease agreements between the Greek state and the joint venture Chevron – Helleniq Energy consortium, named a preferred investor in October 2025.
The signed agreements grant exclusive rights for the exploration and exploitation of hydrocarbons in offshore areas south of the Peloponnese, A2, and off Crete, south Crete I and South Crete II.
The Greek PM stressed that “ this is not just another agreement. It is a significant strengthening and critical component of our overall energy strategy. We fully understand the role hydrocarbons play – and will continue to play for many years. That is why we have invested significantly in natural gas pipelines, compressor stations, LNG terminals, and gas-fired power generation units. These investments are progressing alongside our strategic choices in renewable energy sources. Greece is dynamically harnessing its solar and wind potential, which is particularly significant. From being a net importer of electricity, we have evolved into a major exporter.”
With the involvement of the two largest US oil groups in Greece’s hydrocarbon sector, ExxonMobil and Chevron, and the country’s active participation in re-engineering natural gas flows through the Vertical Corridor, Greece is positioning itself as a strategic energy hub in the region.
“The four offshore blocks being entered by Chevron and Hellenic Energy cover a vast area. Until now, our exploration programme covered approximately 48,000 square kilometres. With this agreement, the area increases to 94,000 square kilometres – effectively doubling, with a single signature, the country’s available exploration area,” the Premier added.
Mitsotakis also said that the historic decision of the European Union to reduce its dependence on Russian natural gas creates important new opportunities for the country.
Closing his lengthy speech, Mitsotakis emphasized that “exploration involves uncertainty – we all know that. We cannot know with certainty what lies beneath until we investigate it. But we believe in this effort.”
According to state broadcaster ERT, the first exploratory drilling is expected to take place at the beginning of 2027, while they are expected to be concluded by 20232.
Then it will be clear whether the hydrocarbons are worth to be retrieve or not.
