Agreement with Chevron and Helleniq Energy in hydrocarbons – Marine area for exploration doubles

Greece is launching a new phase in its hydrocarbon exploration program, integrating one of the world’s leading energy companies into its workforce.

The presentation of the lease agreements between the Greek State and the Chevron – HELLENiQ ENERGY consortium at the Acropolis Museum marks not just another investment agreement, but a strategic choice with a decades-long horizon.

The four offshore areas south of Crete and the Peloponnese are officially included in the national exploration program, with the first seismic work scheduled for this year. The next period is considered crucial for mapping the subsoil and exploring the prospects for exploiting potential deposits.

The agreement marks the official start of a new phase in the hydrocarbon exploration program, following the completion of the tender process. The concessions cover an extensive marine zone and the first seismic surveys are expected to begin within the year.

Papastavrou: Greece is a reliable partner of the US

The Minister of Environment and Energy, Stavros Papastavrou, emphasized the strategic nature of the agreement and the geopolitical dimension of energy policy. “Our country is not just taking a step, it is taking a leap,” he said, welcoming Chevron, “one of the two leading oil companies in the world.” As he emphasized, the agreement essentially strengthens Greece’s energy security, at a time when – as he said – “everyone now recognizes the role that hydrocarbons will play in the coming years.”

The minister focused on the country’s overall energy strategy, noting that in the last five years there has been a fivefold increase in resources directed to infrastructure compared to the previous decade, with an emphasis on interconnections, the continuous expansion of networks and the parallel development of renewable energy sources.

“From a net importer of energy, our country is evolving into a net exporter,” he noted, adding that Greece is becoming a natural gas producer “for the benefit of Greeks and Europeans, and for the benefit of future generations.”

US Ambassador Guilfoyle: Greece is a key player in Europe’s energy transformation

“It is an honour to be here today to witness this important achievement, strengthening the energy future of our two significant nations. The signing is another significant success in Greece’s emerging as an energy hub and it is a milestone in the adoring partnership between US and Greece,” US Ambassador to Greece Kimberly Guilfoyle said during the presentation of the agreement between Chevron and HELLENiQ ENERGY for hydrocarbon exploration in marine areas south of Crete and the Peloponnese.

“Thanks to US President Donald Trump and Greek Prime Minister Kyriakos Mitsotakis, 2025 was an exceptional year for the US and Greek relationship. Nowhere is our progress clearer than in energy security. Under the leadership of President Trump, the US aims big and we deliver,” the Ambassador noted.

“The signing of the agreement today is the latest chapter in that story. It demonstrates once again that Greece is a key player in Europe’s energy transformation. The partnership between Chevron and HELLENiQ ENERGY exemplifies the very best of transatlantic cooperation.”