Greece selects Chevron-Helleniq consortium for offshore gas exploration
Greece has named a consortium of U.S. oil major Chevron and the country’s largest oil refiner, Helleniq Energy, as the preferred bidder for offshore gas exploration in southern Greek waters, the energy ministry announced on Friday.
The consortium responded to a tender this year to explore four deep-sea blocks off the Peloponnese peninsula and Crete. Greece, which produces only small volumes of oil and depends heavily on gas imports for power and domestic consumption, is seeking to boost domestic production and strengthen its role as a key gas transit route as Europe moves to reduce reliance on Russian energy, News.Az reports, citing Reuters.
The two companies are expected to finalize draft contracts with the Greek government, which will require approval from a court of auditors and parliament before operations begin. Seismic research is planned for 2026, with up to five years to identify recoverable gas deposits. Any test drilling is not expected before 2030–2032.
This move marks a significant step in Greece’s strategy to expand its energy sector and enhance its geopolitical role in Europe’s gas network.
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