U.S. oil company Chevron, together with Greece’s Helleniq Energy, has submitted a bid to the Greek government for the exploration and exploitation of natural gas in four offshore blocks, Energy Minister Stavros Papastavrou announced yesterday.
Greece launched the tender this year following Chevron and Helleniq Energy’s expression of interest in the blocks located south of the Peloponnese and Crete. Major natural gas discoveries in Egypt, south of Crete, have raised hopes that Greek waters may also hold significant reserves.
Turkey and Libya had previously signed a maritime border agreement that ignored the existence of Greek islands lying between their coasts.
To date, Greece produces very little oil, and while in recent years it has increased electricity generation from renewable sources, it still relies heavily on natural gas.
The country therefore aims to tap domestic resources as part of Europe’s broader effort to reduce dependence on Russian energy following Moscow’s invasion of Ukraine. At the same time, this move confirms Greece’s sovereign rights in the area—disputed by Turkey—and effectively nullifies the Turkey–Libya memorandum.
A Chevron spokesperson confirmed the bid, stating: “Chevron has a strong and significant presence in the Eastern Mediterranean, a region that is part of our future and a priority for us.”
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