Greece Launches Offshore Oil and Gas Tender, Chevron and HelleniQ Energy Expected to Bid

Greece has officially launched an international tender for hydrocarbon exploration and exploitation rights in two offshore blocks, “South of Peloponnese” and “A2,” marking a significant step in the country’s “Hydrocarbons 2.0” project. The tender announcement, signed by Environment and Energy Minister Theodoros Skylakakis, has been submitted for publication in the Government Gazette and the Official Journal of the European Union, initiating a 90-day period for interested parties to submit bids.

American oil giant Chevron has previously expressed strong interest in the “South of Peloponnese” block, while Greek energy company HelleniQ Energy has its sights set on the “A2” block. Both companies are expected to participate in the tender, though the process is open to other bidders as well. Following the submission deadline, a Hellenic Hydrocarbon Resources Management (HHRM) committee will evaluate the proposals and select the best offer for each block. Successful bidders will then enter negotiations to finalize lease agreements, which will require subsequent review by the Court of Auditors and ratification by the Greek Parliament. The government aims to complete the entire process within 2024.

This development comes as Greece intensifies its focus on domestic hydrocarbon exploration, with significant activity also anticipated regarding ExxonMobil’s exploration efforts off the coast of Crete. The American company faces an April 9th deadline to declare its intentions regarding further exploration in the “West of Crete” and “Southwest of Crete” blocks. ExxonMobil, in partnership with HelleniQ Energy, has already completed two- and three-dimensional seismic surveys in the “Southwest of Crete” block and has progressed to the next phase of its research program there. However, the company requested an extension until April 2025 for the “West of Crete” block to further analyze seismic data. Industry observers suggest that a positive decision on the “West of Crete” block could trigger ExxonMobil’s investment decision for the first exploratory well in the region. Alternatively, the company may choose to focus solely on the “Southwest of Crete” block or withdraw from the area entirely.

Greek officials have expressed optimism about the potential for significant hydrocarbon discoveries, fueled by the renewed interest from major international and domestic energy companies. The “Hydrocarbons 2.0” project is expected to remain a prominent topic in Greek news for the coming weeks as these crucial decisions unfold.

Source: pagenews.gr