Today marks a new chapter for hydrocarbon exploration in Greece with the signing of concession agreements for four maritime areas located south of Crete and Peloponnese, between Chevron and Helleniq Energy. This signing comes 18 months after the interest was first expressed, initiating the competitive bidding process, and less than a year after the government published the tender announcement. Such a rapid timeline is unusual in the Greek context, and the government has highlighted that expedited procedures were a key factor in attracting international investment interest.

The Minister of Environment and Energy, Stavros Papastavrou, has emphasized that the nation needs to investigate whether potential reserves can be commercially viable, stating that this should be done confidently and strategically, devoid of unnecessary fanfare. The government is keen on not only tapping into these natural resources but also ensuring that the exploration and development are conducted responsibly.

The four areas span a total of 47,000 square kilometers, with seismic surveys expected to commence within a year. This development could lead to significant economic benefits for Greece, aligned with strategic energy independence goals. Moreover, it sets a precedent for future investment and exploration opportunities in the Greek hydrocarbon sector, potentially positioning Greece as an emerging player in energy production in the region.