Greece to Launch Fast-Track Tender for Offshore Hydrocarbon Exploration

Greece‘s Minister of Environment and Energy, Stavros Papastavrou, has finalized plans for a fast-track international tender concerning four offshore blocks earmarked for hydrocarbon exploration, responding to a formal expression of interest from energy giant Chevron. According to sources close to the matter, the government is opting for a single, streamlined international tender process rather than launching separate tenders for each block.

In the coming days, the ministry is expected to proceed with a key administrative step of geopolitical significance: the publication of the tender notice in the Government Gazette and subsequently in the Official Journal of the European Union (OJEU). This move will officially open the competition to international investors.

Chevron has shown interest in offshore areas designated as “South of the Peloponnese,” “South of Crete I,” and “South of Crete II.” Meanwhile, HELLENiQ ENERGY has expressed interest in block “A2,” which borders the “South of the Peloponnese” area.

Last week, Papastavrou signed the acceptance of interest for the two Cretan blocks, while similar decisions regarding the two Ionian Sea blocks were signed by his predecessor.

The decision to unify the four tenders into a single international competition is expected to significantly accelerate the licensing process. This consolidation is seen as a way to both simplify the procedures and bring forward the timeline for additional necessary permits.

The tender will include an open call for expressions of interest from other potential investors beyond Chevron and HELLENiQ ENERGY. Once the notice is published in the OJEU, a 90-day window will open for the submission of bids. After that, the offers will be unsealed and evaluated.

The ministry aims to have all concession contracts signed and ratified by Parliament by the end of 2025. According to insiders, the political leadership is eager to move swiftly on the tender and subsequent contracts to expedite the start of exploration activities and deliver results faster.

Source: tovima.com