International Interest in Greek Hydrocarbon Research – Possible Entry of a Third Oil Company

The possibility of a third candidate to undertake exploration was revealed by Aristophanes Stefatos, President of the Hellenic Hydrocarbon Management Company (EDHEVEP). Speaking at a conference yesterday (March 27, 2025), he emphasized that the goal is to complete the relevant competition for Chevron’s interest in hydrocarbon research in two new areas south of Crete within this year. If successful, the entire region from the Peloponnese to the western edge of Crete will be under exploration. “We won’t leave any part unexplored, and we hope everything underground will be identified,” Stefatos stated. The international picture today suggests that the Eastern Mediterranean is the most likely gas provider for Europe, making it an exceptionally significant area. Recently, at the largest global oil forum held in Houston, EDHEVEP received clear messages: energy security requires the utilization of all energy sources. Additionally, official statements recognized significant disinvestment in the hydrocarbon sector, necessitating investments in new production to cover lost ground. This issue has been highlighted previously by newsit, as companies like ExxonMobil and Chevron are characterized by low fulfillment rates of their prospects compared to other groups, possibly influencing their decision to seek prospects in Greece. Discussing the contacts between the government and EDHEVEP ahead of the Chevron announcement, Stefatos made a significant revelation: “We spoke with seven oil companies about hydrocarbon research. There is a third company monitoring developments in Greece,” Stefatos noted, leaving open the possibility of further positive developments in the future.