Evolution with a symbolic and essential character is today’s (20.1.2025) announcement of the entry of the American company Chevron that specializes mainly in , the research of hydrocarbons in our country. First, the participation of the second largest oil world coincided with the inauguration of Donald Trump, an oil advocate expected to push the industry. The new president has stated that he will give oil free to exploit new zones in the US and increase energy production. At the same time, ExxonMobil’s research drilling begins within the days on the marine plot 5 of the Cypriot AEZ, as the relevant NAVTEX was published. So we are talking about a period of developments more widely in the Eastern Mediterranean. CORVERSE As far as Greece itself is concerned, we should first of all note that we are talking exclusively about research targeting quantities of gas and not oil. Prime Minister Kyriakos Mitsotakis has previously stated that due to our country’s natural beauty and tourism, oil production is not desirable as it is accompanied by the risk of accidents that could lead to oil spills. On the contrary, natural gas production does not involve this risk, so it is also much more easily accepted by local communities in coastal areas. After all, it is indicative that yesterday’s announcement put an end to the efforts in Catacolo, which involved a small oil deposit and had led to reactions. Turning our attention to the marine areas chosen by Chevron, one finds that they are adjacent to those of ExxonMobil-HELLENi Q Energy. This creates a wider area of research in the south-west of the country, which will be carried out by two multinational groups with enormous experience and expertise. CORVERSE The consortium under Exxon is expected to make this year its final investment decision on whether to proceed with research drilling west of Crete. The addition of Chevron to the same geographical area shows that both large oil companies now treat this area as promising. Indeed, we should also consider the fact that the exploitation of natural gas is not as profitable for companies as the equivalent of oil. In order to make sense commercially, there must be large exploitable reserves in the underground to support it. That is why Chevron’s participation is a great vote of confidence in our country’s potential and its deposits. In any case, any debate on specific quantities and figures is completely premature at this stage. Only drilling can reveal these tumors, as industry officials point out at every opportunity. It is now important to initiate procedures at speed on the part of the State and the competent bodies without delays in the past. Finally, we should add that the geographical location of our country makes it ideal for easy transport of natural gas that may be discovered from now on. Greece already has a modern pipeline network that can carry it both within the country and in Balkan markets and Italy. The gradual cessation of Russian gas supplies qualified by the EU. By 2027 it advocates an increase in European production. Greece can help by replacing the declines in recent years in areas such as the North Sea.
What Chevron’s entry into gas research means for Greece
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in Enterprise