Greece Signs Agreements with Chevron-Helleniq Energy for Hydrocarbon Exploration

Greece is now part of the new energy map of the Eastern Mediterranean with the signing of agreements with the Chevron-Helleniq Energy consortium for hydrocarbon exploration. The agreements concern marine areas south of the Peloponnese and Crete, granting exclusive rights to research and exploitation. Prime Minister Kyriakos Mitsotakis stressed that the agreement is a critical element of the national energy strategy, which combines investments in hydrocarbons, natural gas and renewable energy sources. The total area for research almost doubles, reaching 94,000 square kilometers. The government has accelerated the research program since 2019, proceeding with extensive seismic surveys and paving the way for the first exploratory drilling in 40 years. The agreement with Chevron-Helleniq Energy strengthens the Greece-US strategic relationship and opens a new chapter for the country's energy role in the region. The agreement comes at a time of increased need for the European Union to become independent from Russian natural gas, creating new opportunities for Greece through the Vertical Corridor and potential domestic natural gas production. Despite the uncertainties involved in the research, the government expresses confidence that cooperation with the two companies will yield results. This agreement marks a significant development in Greece's energy policy, aiming to strengthen energy security and exploit the country's natural resources. The government is committed to continuing efforts to attract investment in the energy sector and develop renewable energy sources.