A decisive step toward launching a new cycle of hydrocarbon exploration in Greece will be taken on February 16 in Athens, with the signing of four contracts with Chevron.

The agreements concern offshore areas south of the Peloponnese and Crete, marking the official start of an extensive exploration program in regions of particularly high geological interest. Earlier today, the Minister of Environment and Energy, Stavros Papastavrou, hinted at the final signing in an interview, noting that this development opens up significant prospects for the growth of the hydrocarbon sector and for strengthening Greece’s energy and geopolitical position.

Following the signing, the Ministry of Environment and Energy plans to submit the contracts immediately to Parliament for ratification, a necessary prerequisite for their full activation and the launch of the exploration program. According to informed sources, adherence to the timetable is considered critical for moving to the next phase and concluding an initial cycle in the development of Greece’s hydrocarbon sector.

This sector—identified as a strategic priority of the Greek government in cooperation with two of the world’s largest energy giants, Chevron and ExxonMobil—will once again be in the spotlight in Texas in late March, during the major energy conference CERAWeek, which will be attended by both Mr. Papastavrou and Deputy Minister of Energy Nikos Tsafos.

Focus on Exploration South of Crete

Once the institutional process is completed by the Greek Parliament, the Chevron–HELLENiQ Energy consortium will proceed with the detailed planning of exploration activities for each concession, with particular emphasis on seismic surveys south of Crete, where the highest geological interest has been identified.

The data collected from geophysical surveys will form the basis for evaluating geological structures and selecting potential targets for exploratory drilling at a later stage. According to operational planning, these surveys are expected to begin in 2026 and early 2027, using specialized research vessels in offshore zones south of the Peloponnese and Crete.

Developments in the Ionian Sea

At the same time, developments are underway in the Ionian Sea, where the restructuring of the concession’s shareholding scheme is in progress. ExxonMobil is acquiring a 60% majority stake following the purchase of shares from Energean and HELLENiQ Energy.

The agreement, signed in November at the Zappeion Hall in the presence of U.S. officials, signals the strengthening of American energy companies’ presence in the Greek hydrocarbon market.

Meanwhile, Energean, which retains the role of operator during the exploration period, plans to submit a request for an extension of the exploration program in order to secure the necessary time for the preparation and execution of an exploratory drilling operation.

Pending ExxonMobil Decision for “West of Crete”

Critical decisions are also expected regarding the “West of Crete” concession, as the current extension of ExxonMobil’s exploration program expires in April. The company must decide whether to request a new extension or return the concession to the Greek state—a development that will affect the overall planning of exploration activities in the area.