The process for activating the four hydrocarbon contracts awarded to the Chevron–HELLENiQ Energy consortium is entering its final phase, with signatures between the contractors and the Greek state expected within the next ten days. This will clear the way for their immediate submission to Parliament for ratification.

These developments are unfolding amid heightened geopolitical tensions. The agreements are set to be signed against the backdrop of a widening rift in Europe–U.S. relations, with developments surrounding Greenland in the spotlight—an atmosphere that also overshadowed proceedings at this year’s Davos conference.

The contracts concern the offshore blocks “South of the Peloponnese,” “A2,” “South of Crete I,” and “South of Crete II,” all of which have already received approval from the Court of Auditors. Once signed, the Ministry of Environment and Energy intends to submit them immediately to Parliament so they can be ratified and enter into force.

According to informed sources, adherence to the timeline is considered critical, as parliamentary ratification is a prerequisite for the project to advance to the next, decisive phase of hydrocarbon exploration.