Chevron signs a deal for four exploration blocks off Greece, enhancing energy independence and boosting gas production potential.
American energy company Chevron signed a large-scale agreement on Monday covering four oil and natural gas exploration and production blocks off the coast of Greece. This agreement is considered a significant step that will expand the company’s presence in the Mediterranean while also strengthening Greece's energy independence goals.
The new license areas are located in Greece's exclusive economic zone in the south and cover a total area of approximately 18,000 square miles. The blocks consist of two located south of the Peloponnese Peninsula and two south of Crete. It is noted that the two areas south of Crete have the highest potential for natural gas exploration. Chevron holds a 70% operating stake in the project in partnership with local partner Helleniq.
For the agreement to come into effect, it requires approval from the Greek Parliament. If approved, Chevron will have a five-year period to conduct seismic studies and identify suitable sites for test wells. The current timeline anticipates that drilling activities will commence in the early 2030s.
In addition to Chevron's initiative, ExxonMobil also holds seabed oil and natural gas exploration and production licenses in the Ionian Sea and off the coast of Crete. The first drilling under ExxonMobil's initial project in the Ionian Sea is planned to begin next year, and this work is being closely monitored as a significant indicator of the region's hydrocarbon potential.
A successful test well would mark the first offshore natural gas development activity in Greece in over 40 years. The new natural gas production is expected to contribute to reducing the country's high dependence on imported American LNG.
Source: SeaNews Türkiye
