The world’s second-largest oil company, Chevron, yesterday formalized its interest in hydrocarbon exploration in Greece’s Exclusive Economic Zone (EEZ). With a 70% stake, it assumes the role of operator in the joint venture being set up with Helleniq Energy, which holds the remaining 30%.

Under the new scheme, four offshore blocks will be granted for exploration and exploitation: Block A2 south of the Peloponnese and three additional blocks south of Crete, covering a total area of about 47,000 square kilometers.

The Geopolitical Dimension

Chevron’s presence in the Greek tender goes beyond a major energy company choosing to invest in the country. It is interpreted as a practical endorsement of Greece’s position on the median line between Greece and Libya under the Maniatis Law, effectively nullifying the Turkey–Libya memorandum. At the same time, Athens upgrades its role as a key energy hub in the Eastern Mediterranean, an evolution acknowledged both by the European Union and the United States.

It is no coincidence that the announcement coincided with the visit to Athens of U.S. Interior Secretary and head of the White House Energy Sovereignty Council, Dan Burgum, who today is holding meetings with Prime Minister Kyriakos Mitsotakis at Maximos Mansion, as well as with Greek companies importing natural gas. Chevron confirmed in its announcement yesterday its strategic presence in the Eastern Mediterranean, a region it identifies as a priority, and expressed readiness to work with the Greek authorities to complete the bid evaluation process.

The New Energy Reality

Prime Minister Kyriakos Mitsotakis stated that the participation of American giants is proof of the upgrading of Greece’s geopolitical position, stressing that the country is evolving into a significant energy player in the region.

The combined presence of ExxonMobil and now Chevron, in partnership with Helleniq Energy, creates a continuous field of exploration that could reshape the energy map of the Eastern Mediterranean.

Helleniq Energy’s Role

From the Greek side, Helleniq Energy’s expected presence in the new round of concessions is deemed strategic. Holding a 30% stake in the joint venture, the company expands its domestic hydrocarbon footprint, aiming, as it noted in its announcement yesterday, to complement the areas in which it is already active in exploration and production.

The company currently holds 25% in the two Cretan blocks (West and Southwest) in collaboration with ExxonMobil, and also participates in Ionian Block 2 together with Energean. In addition, it operates independently in the Ionian Sea and in Block 12 of the Kyparissia Gulf. With its new participation, Helleniq Energy gains a strategic footprint across nearly all key fronts of exploration in Greece’s EEZ, strengthening its role in the domestic map of potential deposits.

The Evaluation Process and the Signing of Contracts

Yesterday’s development marks the first phase of the tender for the new offshore blocks, which was initiated a year ago by Chevron itself with a formal request to the Greek government.

The Hellenic Hydrocarbon and Energy Resources Management Company (EDEYEP) is expected today to appoint the Tender Evaluation Committee, which will unseal and examine the bids over a period of about 60 days. This will be followed by an additional two-month negotiation phase to improve terms and finalize the contracts. According to the plan, the concessions are expected to be signed by year-end, after which the contracts will be submitted to Parliament for ratification.