Chevron Eyes New Offshore Blocks South of Crete

Chevron, the second-largest privately owned American energy company globally, has expressed interest in acquiring exploration rights for hydrocarbon deposits for two additional offshore blocks in Greece, located south of Crete, announced the Greek Ministry of Environment and Energy on Wednesday, March 26.

According to an announcement the areas in question are the “South Crete I” and “South Crete II” blocks. Notably, the first of these blocks borders the concession held by ExxonMobil and HELLENiQ ENERGY.

The Ministry has officially accepted Chevron’s expression of interest and will soon issue a formal decision confirming this acceptance. Additionally, the government will determine the precise coordinates of the areas, define the contract type, and initiate an international tender process.

This development follows Chevron’s recent interest in an offshore area south of the Peloponnese, a move that was reaffirmed today and has already been approved by the ministry.

With this latest expansion, Greece is set to enter the global energy market with four new offshore areas available for concession: Block A2, South Peloponnese, South Crete I, and South Crete II—covering a combined area of 47,000 square kilometers.

This effectively doubles the country’s active offshore exploration acreage, increasing the chances of discovering commercially viable hydrocarbon reserves.

Chevron, a U.S.-based oil and gas giant with a strong presence in the Eastern Mediterranean, is already conducting exploration activities in Egypt, Israel, and Cyprus. The newly targeted areas in Greece are adjacent to concessions where ExxonMobil is actively operating, further consolidating the region’s strategic significance.

The acceptance of Chevron’s bid highlights Greece’s potential as a key player in the global energy market, signaling that the country possesses critical natural energy resources. Moreover, it reaffirms Greece’s position as an attractive investment destination, earning the trust of some of the world’s largest energy corporations.