Activity is intensifying on three parallel fronts in Greece’s hydrocarbon exploration and production programme.
First, Chevron and HELLENiQ ENERGY are preparing to launch seismic surveys by the end of the year in the offshore blocks awarded to them west and south of the Peloponnese and south of Crete. At the same time, the consortium led by Energean is preparing an exploration well in Block 2 in the north-western Ionian Sea, the country’s first offshore exploration well in almost four decades.
The third front concerns the international tender launched by the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) for new seismic surveys in the Ionian Sea and offshore areas south of the Peloponnese and Crete. The tender is entering its final stretch, with the deadline for bids set for November 9.
Significant international companies have already expressed interest in the tender, Environment and Energy Minister Stavros Papastavrou said recently. On Friday, HEREMA published a document providing detailed clarifications on the terms of the procedure.
Tender
Launched on June 30, 2026, HEREMA’s tender provides for the acquisition and processing of multi-client seismic data, which can be used by multiple interested companies. Bidders may propose two-dimensional (2D) or three-dimensional (3D) seismic surveys covering either the entire offshore area under investigation or specific sections of it. These may also include existing concession areas, provided the written consent of the concession holders has been obtained in advance.
The initial tender notice allowed for the selection of more than one contractor but did not explicitly address the possibility of geographical exclusivity. HEREMA’s latest clarifications have now addressed this issue, stating that parallel, non-exclusive permits may be granted to multiple companies, including for the same or overlapping offshore areas.
HEREMA nevertheless reserves the right to provide for geographical exclusivity, depending on the quality and assessment of the bids.
It should be noted that this provision concerns the framework for granting seismic survey permits and does not entail the award of hydrocarbon exploration and production rights. Nor does it alter the non-exclusive nature of access to the seismic data, which may be licensed to multiple interested companies, while ownership will remain with the Greek state.
In the same clarification document, which contains 29 responses to questions from interested companies, HEREMA also specified that the duration of the exclusive commercial exploitation rights for the seismic data awarded to contractors will be subject to negotiation.
It further noted that companies may participate in the tender even if they have not yet secured a vessel or a partner to carry out the seismic surveys, provided their bids specify the minimum technical requirements for the vessels and technology they intend to use.
Particular weight is given to previous experience in seismic surveys in Greece and the Eastern Mediterranean, which accounts for 30% of the technical evaluation criteria.
As for the possibility of a new hydrocarbon concession round, HEREMA stressed that the decision rests at the discretion of the Greek state.
Notably, several of the clarifications concern the participation of UK-based companies and requirements under British law.
The ongoing tender was, after all, launched following an expression of interest by UK-based PGS Exploration, which is now part of the TGS group following the merger of the two companies.
PGS is a familiar name in Greece’s hydrocarbon exploration programme. In 2012-2013, it carried out an extensive seismic survey of the Ionian Sea and offshore areas south of Crete as part of the revival of hydrocarbon exploration in Greece.
Next steps
Once the November 9 deadline has passed, the bids will be evaluated, followed, if deemed necessary, by negotiations with interested bidders.
Under the initial tender notice, negotiations are scheduled to take place within 60 days of the bid submission deadline, while exploration permits are to be granted within 30 days of the signing of the relevant contracts.
The permits will initially be valid for 18 months, with the possibility of an extension if required to complete the work.
Further surveys planned by year-end
The Chevron-HELLENiQ ENERGY consortium, which, according to Environment and Energy Minister Stavros Papastavrou, plans to launch seismic surveys by the end of the year, operates in the concessions known as South of Crete 1, South of Crete 2, South of the Peloponnese, A2 and Block 10.
As regards the exploration well in the north-western Ionian Sea, the consortium led by Energean aims to complete the environmental permitting process by the end of the year.
Drilling is expected to begin in April 2027 and last 60-70 days. If the results are positive, additional wells will be required to delineate the deposit, potentially in 2028.
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