Chevron Corporation announced that it has secured four offshore lease agreements in Greece, granting exploration rights to the South Crete 1 and South Crete 2 blocks south of Crete and the South of Peloponnese and Block A2 blocks in the Peloponnese. The consortium, in which Chevron holds a 70% operating interest and HELLENiQ ENERGY holds 30%, will conduct 2‑D and 3‑D seismic surveys to evaluate hydrocarbon potential in these frontier areas.
The agreements were awarded after an international call for tender launched by the Greek government in 2025. Chevron formally expressed interest in the blocks earlier that year and was selected as the preferred bidder. The Greek Parliament must ratify the leases, after which seismic work is expected to begin toward the end of 2026. The consortium has up to five years to identify potentially recoverable deposits, with test drilling not anticipated before 2030‑2032.
For Chevron, the new leases extend its Mediterranean presence beyond existing assets in Israel, Cyprus and Egypt, positioning the company to tap low‑cost offshore opportunities in a region where the European Union is actively seeking to diversify its energy supply away from Russian gas. The expansion also strengthens Chevron’s strategic foothold in a geopolitically important area that could become a key source of hydrocarbons for Europe.
Kevin McLachlan, Vice President of Exploration at Chevron, said the agreements “are another important milestone for Chevron as we continue building momentum in the Mediterranean region, an area where we already have a significant position and are actively pursuing exploration opportunities to further strengthen and expand our portfolio.” Prime Minister Kyriakos Mitsotakis added that the four blocks “cover a vast area. Until now, our exploration program covered approximately 48,000 square kilometres. With this agreement, the area increases to 94,000 square kilometres – effectively doubling, with a single signature, the country’s available exploration area.”
The frontier nature of the blocks presents both opportunity and risk. While the potential for new hydrocarbon reserves could enhance Greece’s energy security and provide a new source of revenue for Chevron, the lack of publicly available reserve estimates and the technical challenges of offshore exploration in these areas mean that commercial production is not expected before the early 2030s. Nonetheless, the agreements signal a long‑term commitment to exploring and potentially developing new resources in a region that is strategically important to both Greece and the broader European energy landscape.
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