Chevron expresses interest in hydrocarbon exploration in Greece – Which area is concerned

The Ministry of Environment and Energy announces today, Monday, 20 January 2025, a significant development that is part of the national strategy for energy independence and reduction of energy costs, with parallel initiatives for increased marine environment protection.

The US company Chevron, the world’s second-largest private company active in the hydrocarbon sector, has expressed interest in exploration in the marine area southwest of the Peloponnese and as far west as Crete, bordering the marine plots of a similar tender in 2014.

The Ministry of Environment and Energy accepts this expression of interest by the company and will proceed within the week to issue the relevant decision, which will provide for the exact area and the immediate announcement of an international tender, while the spatial expansion of the exploration will be evaluated shortly.

Shortly, the evaluation of the project will be carried out.

At the same time, the Hellenic Hydrocarbon and Energy Resources Management Company (Hellenic Hydrocarbon and Energy Resources Management Company) is currently submitting the relevant Strategic Environmental Impact Study.

The natural gas we seek to identify and extract is a critical bridge fuel for Europe up to 2050 and for the rest of the planet beyond 2050.

Therefore, the exploitation of potential domestic deposits is of great importance energetically, economically, and socially for an economically sustainable green transition.

Chevron’s interest, combined with ExxonMobil’s already active presence in our country, marks the simultaneous presence of two energy giants. This reinforces the belief that Greece can play a leading role in the global energy market and confirms that our country is an attractive investment destination.

Moreover, it is another practical recognition of the strategy of the Greek Government, the Ministry of Environment and Energy, and the Hellenic Hydrocarbons and Energy Resources Management Company for the exploitation of our country’s potential natural gas reserves, for the benefit of the country’s energy independence and security, but also the benefit of our national economy.

The above development must be done with parallel care in terms of environmental footprint, to produce not only energy but also major environmental benefits for the country.

Firstly, already licensed marine hydrocarbon exploration areas in the Ionian Sea are being released, which will expand spatially and make the Ionian Sea National Marine Park continuous to achieve its environmental objectives.

The relevant study, which is nearing completion, concerns the marine area starting from Antikythera, covering a continuous maritime zone along the southern and western coast of the Peloponnese, up to Zakynthos, Kefalonia, Ithaca, and Lefkada and enclosing the environmentally important islands of Strophades. An agreement has already been reached with the leasing company for the release of the detached parts.

Secondly, in cooperation with the contractor company, the “Katakolo” concession, which concerns a small oil field near the west coast of the Peloponnese, is to be released and included in the new National Marine Park.

Minister of Environment and Energy, Mr. Theo Skylakakis, said: “The investment interest of yet another world-class company, such as the US company Chevron, underlines the confidence of the international investment community in the government of Kyriakos Mitsotakis while highlighting once again Greece’s potential to become a regional energy hub and ensure its energy independence. I would like to express my sincere thanks to the Managing Director of EDEYEP, Mr. Aristofanis Stefatos, and the Secretary General of the Natural Environment and Waters, Mr. Petros Varelidis, as well as to their teams, for their systematic and consistent work to achieve today’s result.”

Source: pagenews.gr