Contracts with Chevron to be submitted to Parliament soon

The new land concession contracts for hydrocarbon research and development are expected to be submitted to Parliament, with the political leadership of the Ministry of Energy and Mineral Resources assuring that this is seen in the next 10 days.

The four contracts of the Chevron – Helleniq Energy joint venture recently received the “green light” from the Court of Auditors, with the next steps being their signature between the Greek State and the companies and their subsequent ratification by Parliament, in order to officially join the national hydrocarbon research and development program.

The 4 plots

The concessions concern a total of four plots, with two located in the marine area south of the Peloponnese and the remaining two southwest of Crete. The plots “South of Crete 1” and “South of Crete 2” have a total area of 35,000 sq.km., the plot “South of Peloponnese” 11,000 sq.km., and the plot “A2”, also located southwest of the Peloponnese, has an area of 826 sq.km., with the figures demonstrating the significant expansion of the areas under investigation in the Greek seas.

At the same time, the ratification of the contracts will seal the entry of another global energy giant in the sector after Exxon Mobil, upgrading the entire project.

It is recalled that the basic estimates for block 2 speak of potential resources of around 200 billion cubic meters, which is expected to be precisely determined with the exploratory drilling work.

Milestone

In any case, the exploratory drilling is expected to be a key milestone in the maturation of the national hydrocarbon research and development program, both because it is the first attempt after 40 years in Greek seas and because it puts the exploration of the country’s underwater wealth “on the table”, with the figures so far being based on vague estimates, since, as industry executives argued, the “moment of truth” is objectively the exploratory drilling.