The Ministry of Energy announced on Wednesday that the government has accepted Chevron’s expression of interest to conduct hydrocarbon exploration in the offshore areas of South Crete I and South Crete II, within the zones delineated during the international tender launched in 2014.

The Ministry’s leadership will immediately issue a decision officially accepting the interest, as well as additional decisions that will define the exact coordinates of the area, the type of contract, and the launch of an international tender. It is noted that the new areas of interest already have an approved Strategic Environmental Impact Study.

This development follows similar interest recently expressed—and reaffirmed today—by the company for the offshore area south of the Peloponnese, which had already been accepted by former Minister of Environment and Energy, Mr. Theodoros Skylakakis.

With this move, Greece will now be entering international markets offering four new areas for concession: “Block A2,” “South of the Peloponnese,” “South Crete 1,” and “South Crete 2,” totaling 47,000 square kilometers, effectively doubling the area of active offshore exploration zones. The increase in exploration acreage significantly boosts the chances of discovering commercially viable hydrocarbon deposits. Key to this development was the contribution of the Hellenic Hydrocarbons and Energy Resources Management Company and its CEO, Mr. Aristofanis Stefatos.

It is emphasized that Chevron, the U.S.-based global oil giant, has a broad presence in the Eastern Mediterranean, conducting exploratory activities in Egypt, Israel, and Cyprus. The new areas where Chevron intends to conduct research border existing concessions where ExxonMobil is already working intensively—underscoring that the largest American oil companies are stepping up both their interest and investments in the Eastern Mediterranean.

With today’s development, Chevron’s interest now focuses on a total of three areas: one south of the Peloponnese, expressed in January 2025, and two south of Crete, where the company hopes to manage exploration over approximately 46,000 square kilometers. This places Chevron first in terms of managed acreage, ahead of ExxonMobil with 35,655 sq. km, Helleniq Energy with 8,564 sq. km, and Energean with 2,414 sq. km. Including Block A2, a total of 47,000 square kilometers are being added for exploration—amounting to a doubling of active offshore areas and a significant increase in the likelihood of discovering domestic natural gas reserves.

Minister of Environment and Energy Mr. Stavros Papastavrou made the following statement:
“Today we have an important and positive development. The Ministry of Environment and Energy is accepting the expression of interest submitted by Chevron for the offshore blocks South of Crete I and II. Chevron, the world’s second-largest private American company operating in the hydrocarbon sector, is demonstrating ongoing and intensifying interest in conducting research in our Homeland. This is a vote of confidence in Greece. It proves that our country continues to be an attractive investment destination, with a reliable government that guarantees stability. At the same time, it serves as a strong indication of the existence of significant natural energy resources—resources that are vital for our country, the Eastern Mediterranean, and Europe. Resources that will be harnessed for the benefit of all Greeks. The relevant Ministerial Decisions regarding the exact coordinates and the launch of the international tender will follow. The government of Kyriakos Mitsotakis is faithfully delivering on its commitments for an energy-secure, investment-attractive, and geopolitically strong Greece.”