Philenews

Hydrocarbon Exploration in Greece: Timelines, Revenues, and Production Target by 2035

Published February 17, 2026, 09:18
Hydrocarbon Exploration in Greece: Timelines, Revenues, and Production Target by 2035

Greece is in a new phase of hydrocarbon exploration, with the signing of contracts with Chevron and Helleniq Energy for offshore areas south of Crete and the Peloponnese. The goal is to strengthen the country's role as an energy hub in Southeastern Europe and the potential production of natural gas between 2032-2035. The economic impact of the new contracts includes a corporate tax of 20%, a regional tax of 5%, and royalties from 4% to 15%, depending on the production level. In addition, there are signing bonuses, first production bonuses and tiered production bonuses, as well as concession rights and bank guarantees. The total rate of return to the Greek state is estimated at between 38% and 41% of profits. The new contracts provide for a shortening of the research cycle to seven years, compared to eight in the past. The first phase concerns two-dimensional seismic data, the second three-dimensional seismic imaging and the third exploratory drilling. Total expected investments amount to 790 million euros in the research phase, while in the event of commercial discoveries, investment in field development will be multiple times higher. If the scenario is confirmed, Greece could reduce its dependence on natural gas imports, strengthen its negotiating position in the regional market, create a new export product and increase government revenue. Hydrocarbon exploration takes on a strategic dimension in an international environment where energy security is linked to geopolitical stability.