Chevron Cleared to Explore Hydrocarbons South of Crete

AMinisterial Decision approving Chevron Balkans Exploration B.V.’s expression of interest to explore and exploit hydrocarbon reserves south of Crete was signed by Greece’s Minister of Environment and Energy, Stavros Papastavrou, on Monday, April 7. The move follows positive recommendations from the Hellenic Hydrocarbon and Energy Resources Management Company (HEREMA).

The American energy giant has expressed interest in two offshore blocks named “South of Crete 1” and “South of Crete 2,” aiming to secure exploration and production rights in these areas. This step marks a significant development in Greece’s ongoing efforts to tap into its underexplored energy reserves.

In the coming period, additional Ministerial Decisions are expected to define the precise coordinates of the blocks and announce the launch of an international tender process.

According to a government statement, “The administration of Kyriakos Mitsotakis remains steadfast in its commitment to a Greece that is energy-secure, attractive to investors, and geopolitically robust.”

Speaking recently at the Power & Gas Forum, HEREMA CEO Aris Stefatos hinted at the presence of a third potential player in the upstream sector who is closely monitoring developments in the Greek exploration blocks.

Stefatos revealed that HEREMA has been in contact with seven major companies regarding investment opportunities in Greece’s hydrocarbon sector. Chevron was among them, while another company initially showed interest but later shifted strategy.

A third is said to be observing the situation closely, possibly paving the way for further competition or collaboration in the near future.