Chevron-led consortium signs offshore gas exploration deals in Greece
A consortium led by U.S. energy major Chevron has signed exclusive lease agreements to explore for natural gas in four deepwater blocks off southern Greece, expanding U.S. energy involvement in the eastern Mediterranean.
The areas, located south of the Peloponnese peninsula and Crete, cover about 47,000 square kilometers (18,147 square miles). The deal doubles the Greek maritime acreage open for exploration and follows Chevron and Helleniq Energy winning an international tender last year.
The agreement marks the second recent entry of a U.S. energy company into Greek offshore exploration, as the European Union seeks to cut reliance on Russian gas. In November, Exxon Mobil joined Energean and Helleniq Energy in a separate offshore block in western Greece.
Greece, which relies entirely on gas imports, revived exploration efforts after the 2022 energy crisis triggered by Russia’s invasion of Ukraine. It also aims to serve as a gateway for U.S. liquefied natural gas to central Europe via the Vertical Gas Corridor.
U.S. Ambassador to Greece Kimberly Guilfoyle said U.S. LNG flows through Greece were strengthening transatlantic energy ties.
The lease agreements require approval by the Greek parliament before seismic surveys can begin later this year. The consortium will have up to five years to identify potential reserves, with exploratory drilling unlikely before 2030.
