Chevron logo is seen in this illustration taken, October 23, 2023.
The tender process was launched earlier this year following expressions of interest from Chevron and Helleniq Energy. The official deadline for submissions was Wednesday at 1700 local time (1400 GMT). Shortly after, a Chevron spokesperson confirmed the company’s participation, stating: "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."
Greece has long produced only small volumes of oil and continues to rely significantly on natural gas for power generation, despite increasing renewable energy output in recent years. The government sees domestic resource development as part of its broader energy strategy within the European Union’s efforts to diversify supplies.
Large discoveries in the Eastern Mediterranean, particularly in Egypt’s offshore fields south of Crete, have strengthened expectations that Greek waters could also hold significant reserves. These developments have drawn attention from major international oil and gas companies. The four blocks included in Chevron’s bid are considered prospective for exploration and potential future production.
The region near Crete is already under study by other international operators. An ExxonMobil-led consortium holds licenses in two adjacent blocks and has conducted seismic surveys to assess resource potential. The results of such surveys typically inform whether companies proceed with test drilling, a crucial step in determining commercial viability.
For Greece, the involvement of Chevron and Helleniq Energy in exploration reflects growing international interest in its offshore resources. The government has indicated that successful exploration could strengthen energy security while complementing renewable energy expansion.
Chevron’s decision to participate in the Greek tender underscores its strategic focus on the Eastern Mediterranean, where the company already holds significant positions. The partnership with Helleniq Energy, a key player in the Greek energy sector, provides local expertise and alignment with national priorities.
While the outcome of the tender and subsequent exploration results will take time, the submission marks an important stage in Greece’s ongoing efforts to attract investment in its energy sector. If discoveries are made, they could contribute to regional supply diversification and enhance Greece’s role in the Mediterranean energy landscape.
The bid reflects a combination of Chevron’s regional strategy, Helleniq Energy’s domestic presence, and Greece’s objective of balancing resource development with energy transition goals. The process now moves forward as the government evaluates submissions and prepares the framework for potential exploration activities.
