The Greek Minister of Environment and Energy is set to embark on a trip to the US to discuss Greece’s ongoing hydrocarbon exploration projects with energy giants Chevron and ExxonMobil.
Greece recently published in the Government Gazette the international tender for four offshore blocks in the Ionian Sea and off the coast the island of Crete for hydrocarbon exploration. The four blocks include “South of Peloponnese,” “South of Crete I,” “South of Crete II,” for which Chevron has expressed interest and “A2,” sought by HELLENiQ ENERGY.
Minister Stavros Papastavrou will meet with Clay Neff, Chevron’s President of International Exploration and Production and Liz Schwarze, Vice President of Global Exploration on May 8 at Chevron’s facilities in Houston, Texas. The minister plans to brief the Chevron executives on the tender and request a timeline for seismic surveys.
On May 9, the Greek Energy Minister will head to ExxonMobil’s headquarters in the United States to meet with John Ardill, Vice President of Global Exploration. Their discussions will focus on the company’s plans and prospects in Greece and the Eastern Mediterranean, with sources speaking to Vima, saying the Greek delegation will seek updates from ExxonMobil regarding the timeline for the investment decision for the first exploratory drilling at the “Southwest Crete” offshore block. The US company also has acquired exploration and exploitation rights for the “West of Crete” concession.
Papastavrou will also visit Cheniere Energy, the leading producer of liquefied natural gas (LNG) in the United States, to explore potential interest in expanding LNG sales in the European Union through Greece, Vima reports.
On Saturday, May 10, Papastavrou is expected to meet with Randy Weber, a member of the US House of Representatives and Vice Chairman of the Energy Subcommittee, as part of Greece’s efforts to strengthen the strategic alliance between the two countries in the energy sector.
In January, Greece announced that Chevron had expressed interest in research in the marine area southwest of the Peloponnese and west of Crete.
Chevron’s interest, combined with the fact that ExxonMobil is already active in Greece, marks the simultaneous presence of two energy giants, reinforces the belief that Greece can play a leading role in the global energy market, and confirms that our country is an attractive investment destination, the Ministry of Energy said in a statement.
Greece’s offshore hydrocarbon potential has garnered increasing interest in recent years, driven by the discovery of significant reserves in the Eastern Mediterranean and the broader region’s energy dynamics. The country is believed to hold untapped oil and natural gas reserves in its offshore territories, particularly in the Ionian Sea and south of Crete.
In March, Greece accepted Chevron’s interest in exploration for hydrocarbons off the island of Crete.
Chevron, the world’s second largest private company in the hydrocarbon sector, has expressed interest in exploring blocks I and II south of Crete for potential hydrocarbon deposits. The US company has also expressed interest in exploring the offshore area southwest of the Peloponnese and west of Crete.
Chevron’s move boosts Greece’s position in the international markets as it now has four new areas of concession, covering a total area of 47,000 square kilometers: Block A2, South of the Peloponnese, South of Crete I and South of Crete II.
Chevron holds the most areas of concession, followed by ExxonMobil with 35,655 square kilometers, Helleniq Energy with 8,564 square kilometers and Energean with 2,414 square kilometers.
