Green Light from Greek Ministry to Chevron for Cretan Hydrocarbon Exploration

The Greek Ministry of Environment and Energy has accepted Chevron’s expression of interest for hydrocarbon exploration in the South Crete 1 and South Crete 2 areas. Specifically, the ministry approved Chevron’s interest in exploring regions south of Crete I and II, which were outlined during the international bidding process in 2014. Chevron’s interest spans three areas: one located south of the Peloponnese, announced in January 2025, and two south of Crete, covering approximately 46,000 square kilometers. This move places Chevron at the forefront in terms of exploration acreage under management, surpassing competitors like ExxonMobil (35,655 sq km), Helleniq Energy (8,564 sq km), and Energean (2,414 sq km). Including the A2 area, the total exploration zone now amounts to 47,000 square kilometers, effectively doubling the active offshore exploration areas. These new zones already have an approved Strategic Environmental Assessment. The development follows Chevron’s recent renewed interest in the South Peloponnese region, previously endorsed by former Minister Theodoros Skylakakis. Greece will now enter the international market with four new concession areas: Block A2, South Peloponnese, South Crete 1, and South Crete 2, totaling 47,000 square kilometers. This expansion significantly enhances the likelihood of discovering commercially viable reserves. Chevron, a global oil giant headquartered in the U.S., has a strong presence in the Eastern Mediterranean, conducting research in Egypt, Israel, and Cyprus. The new exploration zones are adjacent to areas where ExxonMobil is actively working, underscoring the growing strategic interest of major American oil companies in the Eastern Mediterranean. Environment and Energy Minister Stavros Papastamou stated, “Today marks a significant and positive development. The Ministry accepts Chevron’s interest in the South Crete I and II maritime blocks. This signifies trust in Greece as an attractive investment destination with a reliable government ensuring stability. It also highlights the potential for substantial natural energy resources critical for Greece, the Eastern Mediterranean, and Europe.”