The Greek government has officially accepted Chevron's request to explore hydrocarbon resources in two new marine areas off the southern coast of Crete, known as Notia Kriti I and Notia Kriti II. This development marks a significant step in Greece's efforts to tap into its national energy resources and enhance its competitive advantages in the energy sector.
According to the Ministry of Environment and Energy, the leadership will soon issue a decision to formally accept Chevron's interest, which will also include defining the exact coordinates of the areas, the type of contract, and the initiation of an international tender. The ministry emphasized that this is a crucial development that will bolster Greece's position in the international energy market.
Chevron, recognized as the second-largest private energy company globally, has previously expressed interest in exploring hydrocarbon deposits in the marine area south of the Peloponnese, a request that was accepted by former Minister Theodoros Skylakakis. The new areas of interest fall within the boundaries published by the Greek government during the international tender announcement in 2014 and already have an approved Strategic Environmental Impact Study.
The Ministry noted that this evolution significantly alters the landscape, as Greece will now enter the international markets with four new areas available for concession: Block A2, south of the Peloponnese, and the two new areas south of Crete, totaling approximately 47,000 square kilometers. This effectively doubles the area of active marine exploration zones, greatly increasing the chances of discovering commercially viable reserves.
Stavros Papastavrou, the Minister of Environment and Energy, commented on this milestone, stating, "Today, we have a significant and positive development. The Ministry of Environment and Energy accepts Chevron's interest in the marine plots south of Crete I and II. The continuous and increasing interest from Chevron, the second-largest private American company in the hydrocarbons sector, is a vote of confidence in Greece. It demonstrates that our country continues to be an attractive investment destination with a reliable government that guarantees stability. This also serves as a strong indication of the existence of significant natural energy resources critical for our country, the Eastern Mediterranean, and Europe. Resources that will be utilized for the benefit of all Greeks."
With this acceptance, Chevron's focus now includes three areas: one in the south of the Peloponnese, which was expressed in January 2025, and two in the south of Crete, where the company aims to manage exploration over approximately 46,000 square kilometers. This positions Chevron as the leader in terms of the area under management, followed by ExxonMobil with 35,655 square kilometers, Helleniq Energy with 8,564 square kilometers, and Energean with 2,414 square kilometers.
The inclusion of Block A2 effectively adds 47,000 square kilometers for exploration, doubling the active marine areas available for research, significantly enhancing the likelihood of discovering domestic natural gas reserves. The acceptance of Chevron's total interest, the second-largest energy company in the world, confirms that Greece can possess significant natural energy resources crucial for itself, its neighbors, and Europe.
Moreover, the presence of two major private energy companies, ExxonMobil and Chevron, brings Greece to the forefront of potential new markets. This development is expected to initiate a series of positive changes, including further qualitative enhancements in research programs, maintaining the intensive exploration rates seen in recent years, enriching geological models, increasing available capital for deep-water drilling, and attracting new investors or facilitating new commercial agreements.
Research activity in the Eastern Mediterranean is continuously rising, as evidenced by ExxonMobil's recent discovery of natural gas in Egypt and the start of exploratory drilling in Cyprus's Block 5. This significant evolution represents another international recognition that Greece is a reliable partner, respecting and adhering to international law and maritime law, managing important issues with due diligence to protect national interests and investments while promoting peace and prosperity in the broader region.
Chevron's involvement in these areas is seen as a strategic move, particularly given the sensitive geopolitical conditions that previously limited exploration efforts. The areas of interest were once part of territories defined under the Maniatis law, which included regions south and southeast of Crete, overlapping with areas contested by Libya under the controversial Turkey-Libya memorandum.
Today, while the two plots are close to 22 marine and land plots offered for concession by Libya, they do not violate the "median line" with Greece. This development, according to the Ministry of Energy, further affirms Greece's status as a trustworthy partner in the energy sector, capable of managing its resources responsibly.
Chevron, with a market capitalization of about €300 billion, operates in over 25 countries, including Egypt, Angola, Argentina, Australia, Brazil, the United Kingdom, the USA, Canada, and Cyprus. The company has significant experience in deep-water drilling, particularly in the Gulf of America and Brazil, and has identified the Eastern Mediterranean as a region of strategic importance.
This latest interest from Chevron underscores the company’s commitment to discovering more hydrocarbon quantities in the Eastern Mediterranean, highlighting Greece’s potential significance in this endeavor. As the energy landscape continues to evolve, the partnership between Greece and Chevron could pave the way for a new era of energy exploration and economic development in the region.
