Chevron Eyes Hydrocarbon Exploration Southwest of Peloponnese and West of Crete, Greece to Launch International Tender

Jan 20, 2025, 09:32 AM

Chevron Corp. has expressed interest in exploring for hydrocarbons in Greece, specifically in the marine area southwest of the Peloponnese and extending west of Crete. The Greek Ministry of Environment and Energy has accepted this interest and plans to issue a decision within the week, outlining the exact area and launching an international tender. This development is part of Greece's national strategy for energy independence and cost reduction, alongside initiatives for enhanced marine environmental protection. The interest from Chevron, combined with the ongoing operations of ExxonMobil in Cyprus, where drilling has commenced in Block 5 at the Elektra deposit using the Valaris Drill Ship 9 in partnership with Qatar Energy, underscores Greece's potential as a regional energy hub and an attractive investment destination. The Greek government views this as a recognition of its strategy to exploit potential natural gas reserves for the benefit of national energy security and the economy.