Chevron Expresses Interest in More Exploration Blocks Offshore Greece

Chevron Expresses Interest in More Exploration Blocks Offshore Greece | OilPrice.com

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Breaking News:

ByTsvetana Paraskova– Mar 26, 2025, 8:37 AM CDT

U.S. supermajor Chevron has expressed interest in oil and gas exploration in two additional offshore blocks south of the Greek island of Crete, Greece’s Ministry of Energy and Environment said on Wednesday.

Earlier this year, Greece said that Chevron had expressed interest in exploring the area southwest of the Peloponnese peninsula and to the west of the island of Crete.

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Now, Chevron has also expressed interest in exploring south of the island of Crete in areas known as South Crete I and South Crete II, the Greek energy ministry said.

The ministry accepted the interest and will announce an international tender for the two blocks, whose exact coordinates will also need to be drawn up. These two blocks already have environmental impact studies approved, Greece said.

The two new blocks now essentially double the total area for exploration to 47,000 sq km (18,147 square miles).

The new areas that Chevron looks to explore are next to blocks where the other U.S. supermajor, ExxonMobil, is already exploring for oil and gas.

Chevron’s latest expression of interest is a vote of confidence for Greece and the attractive investment opportunities it offers, Greek Energy Minister Stavros Papastavrou said.

Greece has been looking to boost its domestic energy supply by installing renewables and boosting offshore gas exploration after the energy crisis of 2022 and the halt of Russian pipeline gas supply to most EU countries.

Greece has been hoping that its waters could hold giant natural gas resources, similar to the ones discovered in the Eastern Mediterranean offshore Egypt and Israel.

In October of 2024, Greece said that a consortium led by ExxonMobil had successfully completed the first exploration phase southwest of the Greek island of Crete and decided to proceed with the second exploration stage. The second exploration phase is expected to last three years, and its minimum requirement pertains to completing the collection and assessment of 3D seismic data.

By Tsvetana Paraskova for Oilprice.com

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