Athens accepts Chevron’s interest in hydrocarbons south of Crete

The Ministry of Energy announced on Wednesday that the Greek government has accepted Chevron’s interest in exploring for hydrocarbon deposits in the South Crete I and South Crete II offshore areas.

US energy giant Chevron, the world’s second-largest private company in the hydrocarbon sector, recently expressed interest in exploring the offshore area southwest of the Peloponnese and west of Crete.

According to insiders, this region is of particular interest to the American company. However, it is also a geopolitically sensitive area, as it overlaps with the borders of the illegal Turkish-Libyan memorandum.

The ministry described this development as a game-changer, as Greece will now enter international markets with four new areas for concession. These include “Block A2,” “South of the Peloponnese,” “South of Crete 1,” and “South of Crete 2,” covering a total area of 47,000 square kilometers. This effectively doubles the area of active marine zones available for exploration.

The expansion of available exploration plots increases the chances of identifying “commercially exploitable” hydrocarbon deposits, the ministry added in a statement.

Minister Stavros Papastavrou said that Chevron’s interest “is a vote of confidence in Greece. It proves that our country remains an attractive investment destination, with a reliable government that guarantees stability.”

He also emphasized that this interest “is a strong indication of the existence of significant natural energy resources, crucial for our country, the Eastern Mediterranean, and Europe – resources that will be used for the benefit of all Greeks.”

Papastavrou further said that “the relevant ministerial decisions will follow, outlining the precise coordinates and launching an international tender.”