Greece has named a consortium of US oil major Chevron and Helleniq Energy, the country’s largest oil refiner, as the preferred bidder for gas exploration in southern offshore blocks, following the international tender launched in April 2025.
- The tender covered the concession of four offshore blocks: “South of the Peloponnese,” “A2,” “South of Crete I,” and “South of Crete II”, with the goal of exploring potential hydrocarbon reserves.
- Chevron was the sole bidder, having expressed interest in early 2025 for these offshore areas.
Greece is now expected to invite the two companies to collaborate in finalizing the draft contracts. The contracts must then receive approval from a Greek court of auditors and parliament before the consortium can begin seismic research. The consortium will have up to five years to identify potential recoverable deposits, with any test drilling anticipated no earlier than 2030–2032.
“Preliminary studies estimate potential natural gas reserves of around 680 bcm. Current exploration activity is centered on the more mature offshore areas “Southwest of Crete” and “West of Crete,” where the ExxonMobil–Helleniq Energy consortium is expected to make an investment decision for initial drilling between 2026 and 2027”, according to the local newspaper Tovima.
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