Chevron is formally selected for four offshore blocks

The consortium comprising Chevron and Helleniq Energy has been officially designated as the preferred investor for the four offshore blocks south of Crete and the Peloponnese and the sole contender for the relevant tender. 

Minister of Environment and Energy Stavros Papastavrou on Friday signed the ministerial decisions that designate as preferred investors the Chevron-Helleniq Energy consortiums (one for each block). In accordance with the provisions of the relevant ministerial decisions, the evaluation committee of the Hellenic Hydrocarbons and Energy Resources Management Company (EDEYEP) will invite the Chevron-Helleniq Energy consortium to finalize the draft contracts that will be signed with the state in the near future and will include the four blocks “South of the Peloponnese,” “A2,” “South of Crete I” and “South of Crete II.”

The points under negotiation, according to competent sources, are legal issues that concern clauses governing the contract, since all the competitive terms, namely issues such as the amount of investments in the research period, the kilometers of research, etc, have been finalized.

The next step is to send the tender file to the State Court of Auditors for pre-contractual review. Following a positive recommendation, the signing of the lease contracts by the companies and EDEYEP will follow, with their approval by the minister and then their ratification by Parliament, which will pave the way for seismic surveys. 

The ministry and EDEYEP seem to be meeting the target of completing the tender by year-end, sending a message of determination to the American company that appears willing to invest big for surveys in the unexplored area of Crete.

The first stage of the surveys, based on the tender notice issued by Chevron itself, lasts three years and includes 2D and 3D seismic surveys. The second stage lasts an additional two years and includes 2D and 3D seismic surveys as well as exploratory drilling. The third stage comprises another two years with 3D seismic surveys and exploratory drilling. In the area south of Crete where Chevron’s interest is focused, it is estimated that there are at least nine points with a strong possibility of the existence of exploitable reserves.