Her descent Chevron In the hydrocarbon surveys competition in Greece, in common with the Helleniq Energymarks one of the most critical developments for the country’s energy and geopolitical role in the Eastern Mediterranean.
OR Participation of an American colossus With international experience in major natural gas projects, such as Leviathan’s deposits in Israel and Zohr in Egypt, it attributes to Greece new dynamics, both to the economy and to strengthen its international position.
The sea blocks south of the Peloponnese and Crete extend to more than 46,000 sq. Km. covering a huge surface that grows the prospect of commercially operated deposits.
The request history of the request
Chevron had submitted from August 2024 to the Greek Government to undertake investigations in areas south of the Peloponnese and Crete. The Greek side’s response was delayed for about six months, with initial acceptance only for the Peloponnese on January 20, 2025, on the day of the swearing -in of the then US president. The interest in Crete was officially announced two months later, on March 26, 2025, after the announcement of a corresponding competition from Libya.
Billion investments and new perspectives
Chevron’s entry in collaboration with Helleniq Energy offers multiplier benefits for the Greek economy. The cost of a single research drilling is estimated to exceed $ 100 million, an amount that reveals the size of the investment risk, tax revenue and the importance of concessions.
In the case of positive results, possible reserves in Ionian and Crete, estimated at 680 billion cubic meters of gas, could offer Greece not only energy self -sufficiency, but also significant public revenue from exploitation and taxation.
At the same time, the presence of a world player increases the country’s gravity on the energy map, acting as a “magnet” for new investment in the energy and industry industry. In essence, Greece ceases to be just a country of energy transit and claims a producer and export role.
Energy Security and European Dimension
Developments are also of particular importance for the country’s energy security. The production of domestic hydrocarbons reduces import dependence, especially at a time when Europe is looking for alternative energy sources after the Russian supply crisis. The potential deposits of Crete and the Ionian Sea can evolve into an export product for the European market, offering Greece a strategic advantage in EU energy planning.
Chevron’s involvement enhances the reliability of the project, as the company has know -how and infrastructure that can speed up the commercial use of deposits if they are discovered.
Geopolitical
Chevron’s decision to invest in Greek plots is of clear geopolitical importance. At a time when Libya and Turkey are challenging Greek sovereign rights in the Eastern Mediterranean, the presence of an American energy colossus acts as indirect support for Athens. Greece is thus upgraded to a pillar of stability and an alternative energy hub in Europe, which reinforces its political influence on both neighbors and European institutions.
On another track
The Minister of Environment and Energy, Stavros Papastavrou, personally undertook the bet to proceed with the process for the areas of Crete, giving the green light in the early days of taking his duties and making contacts in the US with leading US company executives and the Trump government.
The activation of the competition is also considered its personal success, as it is directly linked to the government’s determination to attract major international investment in the Greek energy map.
Chevron filed a bid for areas south of Crete along with Helleniq Energy
Eurobasket 2025: Ataman’s call to Turkey’s airlines to go to the semifinals with Greece