Energy Giant Chevron Expresses Interest in Drilling in Greece

US-based oil and gas exploration giant, Chevron, has expressed interest in drilling in regions spanning southwest of the Peloponnese peninsula to the west of the island of Crete in the Aegean Sea, according to a Monday press release by the Greek Ministry of Energy and Environment.

Chevron’s interest in Greece, combined with ExxonMobil’s established presence in the country, signals the simultaneous involvement of the two energy giants. This development underscores Greece’s potential to play a leading role in the global energy market and reaffirms its position as an attractive investment destination.

This development is part of Greece’s national strategy to achieve energy independence and reduce energy costs while implementing parallel initiatives to enhance marine environmental protection, the Ministry of Energy announced.

In line with this effort, the Hellenic Hydrocarbon Resources Management and Energy Resources Company (HEREMA) is submitting the Strategic Environmental Impact Study today.

The natural gas that Greece aims to locate and extract is a crucial transitional fuel for Europe leading up to 2050 and for other parts of the world beyond that point. Consequently, leveraging potential domestic reserves holds significant energy, economic, and social importance, contributing to a financially sustainable green transition, the Ministry emphasized.

The Ministry highlights that this development serves as further tangible recognition of the strategy pursued by the Greek Government, the Ministry of Environment and Energy, and the Hellenic Hydrocarbon Resources Management and Energy Resources Company (HEREMA) to exploit the country’s potential natural gas reserves. This strategy aims to enhance Greece’s energy independence and security while benefiting the national economy.

Houston-based Chevron covers upstream and downstream activities, producing crude oil and natural gas; manufacturing transportation fuels, lubricants, petrochemicals, and additives; develops technologies to enhance the business and the industry.

Source: Tovima.com