Chevron has expressed interest in participating in energy exploration activities in Greece, according to recent statements from both the company and the Greek Energy Ministry.
This development is seen as a significant step towards Greece’s national strategy for energy independence and cost reduction.
Chevron has submitted a non-binding expression of interest for an exploration block to Greece's Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA), confirming its intentions to expand its presence in the eastern Mediterranean.
The potential exploration zone spans from south-west of the Peloponnese peninsula to west of Crete.
Chevron already operates gas fields in Israel and holds interests in Egypt and Cyprus.
A company spokesperson said: “Chevron has a large and important position in the Eastern Mediterranean, a region which is very much a part of our future and a priority for us,” reported Reuters.
The Greek Government has welcomed Chevron's interest, with an announcement expected this week regarding the exploration area, followed by the launch of an international tender.
The government said in statement: “It is a very important development, part of our national strategy for energy independence and reducing energy costs.”
The Greek ministry disclosed that the new tender would increase the research area for exploration by 25%, or 11,000km². Pavlos Marinakis, a government spokesperson, provided these details, emphasising the expansion's scale.
Amidst the EU's search for alternatives to Russian gas following the conflict in Ukraine, Greece's interest in utilising domestic resources has intensified.
The country, which has historically produced small quantities of oil, is actively exploring its hydrocarbon potential, considering gas as a transitional fuel while boosting its renewable energy capabilities.
Initial estimates suggest that the subsurface of Greece may contain hydrocarbon reserves valued at more than €250bn ($259bn), according to HEREMA.
In October last year, Greece announced that an ExxonMobil-led consortium would advance to the second phase of seismic research for gas exploration in a block off the coast of Crete.
