Chevron, the world’s second-largest oil company, formalized yesterday, September 10th, its interest in hydrocarbon exploration in Greece’s Exclusive Economic Zone (EEZ). With a 70% stake, it assumes the role of operator in the joint venture being set up with Helleniq Energy, which holds the remaining 30%.
Under the new scheme, four offshore blocks will be granted for exploration and exploitation: Block A2 south of the Peloponnese and three additional blocks south of Crete, covering a total area of about 47,000 square kilometers.
Chevron’s presence in the Greek is considered a practical endorsement of Greece’s position on the median line between Greece and Libya, effectively nullifying the Turkey–Libya memorandum. At the same time, Athens upgrades its role as a key energy hub in the Eastern Mediterranean, an evolution acknowledged both by the European Union and the United States.
It is no coincidence that the announcement coincided with the visit to Athens of U.S. Interior Secretary and head of the White House Energy Sovereignty Council Dan Burgum, who today is holding meetings with Prime Minister Kyriakos Mitsotakis at Maximos Mansion, as well as with Greek companies importing natural gas. Chevron confirmed in its announcement yesterday its strategic presence in the Eastern Mediterranean, a region it identifies as a priority, and expressed readiness to work with the Greek authorities to complete the bid evaluation process.
From the Greek side, Helleniq Energy’s expected presence in the new round of concessions is deemed strategic. Holding a 30% stake in the joint venture, the company expands its domestic hydrocarbon footprint, aiming, as it noted in its announcement yesterday, to complement the areas in which it is already active in exploration and production.
