Official announcements from the Greek Ministry of Environment and Energy

Chevron Eyes Hydrocarbon Exploration Southwest of Peloponnese and West of Crete for Greece's Energy Independence

Jan 20, 2025, 11:43 AM

Chevron Corp. has expressed interest in exploring for hydrocarbons in Greece, specifically in a maritime area of 11,000 square kilometers southwest of the Peloponnese peninsula and extending west of Crete, according to the Greek Ministry of Environment and Energy. The ministry plans to issue a decision this week outlining the exact area for exploration and will soon launch an international tender. This development is part of Greece's national strategy to achieve energy independence and reduce energy costs, amid heightened efforts by the European Union to diversify away from Russian gas supplies due to geopolitical tensions. The Hellenic Hydrocarbon Management Company (EDEYEP) estimates potential reserves in these areas to be around 24 trillion cubic feet, which could position Greece as an exporter by the end of the decade. Chevron's interest follows similar moves by ExxonMobil, indicating Greece's growing appeal to global energy giants.