Chevron and Helleniq begin Offshore Gas Exploration in Greece

The US multinational oil and gas producer Chevron, together with Greek Helleniq Energy, have been selected for the offshore hydrocarbon exploration rights in Greece. The partnership will explore four offshore blocks: “South of the Peloponnese”, “A2”, “South of Crete I” and “South of Crete II”.

Under the process, the Greek national Hellenic Hydrocarbons and Energy Resources Management Company (EDEYEP) has selected the consortium to finalize exploration contracts comprising investment levels, seismic survey spans and drilling phases.

The exploration programme is set to unfold over three phases:

a.     a 3-year seismic survey period (2D and 3D);

b.     a 2-year combined seismic and exploratory drilling phase;

c.     a further 2-year phase of advanced 3D seismic work and drilling operations.

In the offshore zone south of Crete, the consortium is focusing on at least nine points considered to have strong potential for recoverable reserves.

This has the potential to strengthen Greece’s energy security in a number of areas:

• It will be the first large-scale exploration south of Crete using modern seismic and exploratory techniques.

• Should resources be discovered, it holds the possibility of reducing reliance on imported natural gas and oil, while also developing a vital natural resource.

The involvement of Chevron is important given previous Turkish challenges to the maritime borders of Greece and Greece’s resource development within its borders.

However, there are significant technical and commercial challenges to exploitation in the area:

• Seawater depths are both shallow (a few hundred meters) but also deepwater (over 3,000 meters). Oil and gas will be hosted in sediments well below the seabed depth.

• Geology is likely to be complex given folding between the Eurasian and African plates.

• Infrastructure and development costs will be significant, measuring in the tens or even hundreds of billions. The likely distance from the southern shore of Crete; the lack of infrastructure and deepwater ports on the south short; and other challenges are significant.

  
  

• National regulatory policy may not be ready for licensing and development at this scale.

• The development timeline for such a project will be measured in decades.

Nonetheless, this is a positive step in Greece’s drive to develop its natural and energy resources.

Source:

Greece Grants Gas Exploration Rights to Chevron, Helleniq 24 October, 2025

Chevron is formally selected for four offshore blocks 25 October, 2025