US oil giant Chevron, in partnership with Greece-based Helleniq Energy, has submitted a bid for natural gas exploration in four offshore blocks in Greece.
The tender for exploration rights, launched earlier this year, attracted interest from Chevron and Helleniq Energy in the deep-sea blocks off the Peloponnese peninsula and the island of Crete.
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A Chevron spokesperson said: “Chevron has a large and important position in the Eastern Mediterranean, a region which is very much a part of our future and a priority for us.”
The bidding process concluded at 5pm (2pm GMT) on Wednesday, as reported by Reuters.
Despite an increase in renewable energy output, Greece continues to rely heavily on gas for power generation.
The country’s initiative to explore domestic resources aligns with the EU strategy to reduce dependence on Russian energy, particularly in the aftermath of Russia’s invasion of Ukraine.
The potential for significant gas reserves in Greek waters has been bolstered by major gas discoveries off Egypt, located to the south of Crete.
The optimism is further supported by the proximity to two licensed blocks where an ExxonMobil-led consortium is currently analysing seismic data before deciding on test drilling.
Environment and Energy Minister Stavros Papastavrou was quoted by ekathimerini as saying: “Today, the Chevron and HelleniQ Energy consortium announced its participation in the international competition for the four offshore blocks south of Crete and the Peloponnese. This opens a new chapter for the exploitation of the underwater energy wealth of our homeland. This is a development of hope and perspective for our country.
“Greece, with national self-confidence, is laying solid foundations for its energy self-sufficiency and leveraging its geopolitical position in the Eastern Mediterranean.”
