Greece has signed concession agreements for four offshore hydrocarbon exploration blocks south of Crete and the Peloponnese, awarding the contracts to a consortium led by Chevron and Helleniq Energy.
The agreements were finalised on Monday, around 18 months after the consortium first expressed interest and less than a year after the formal call for bids was published. The four blocks cover a combined area of approximately 47,000 square kilometres.
Seismic surveys are expected to begin before the end of 2026, potentially coordinated with other regional exploration activity. If commercially viable targets are identified, exploratory drilling would follow under standard industry practice.
Speaking at the signing ceremony, Prime Minister Kyriakos Mitsotakis described the deal as a “giant leap forward” for Greece’s energy sovereignty. He said the offshore surveys form part of a wider energy strategy encompassing LNG terminals, pipelines and processing infrastructure.
Mitsotakis highlighted Greece’s growing role as a net electricity exporter and its strategic importance to European energy security, particularly as the European Union moves away from dependence on Russian gas. He pointed to the Vertical Corridor as a key alternative supply route for neighbouring countries, reinforcing Greece’s geopolitical and economic position.
Separately, hydrocarbon exploration is also progressing in the Ionian Sea, where Block 2 – operated by ExxonMobil in partnership with Energean and Helleniq Energy – is moving towards drilling, with a rig expected to arrive in early 2027. ExxonMobil and Helleniq Energy also hold exploration rights for additional blocks west and southwest of Crete.
Greek authorities say the projects are expected to deliver significant economic and strategic benefits, noting that around 40 per cent of the total value generated typically returns to the state, while any major discovery could substantially reduce the country’s trade deficit.
Source: Greek Reporter
