Greece Fast-Tracks Chevron’s Offshore Entry, Eyes Third Player

Greece is expediting the process to facilitate the entry of U.S. oil giant Chevron into hydrocarbon exploration within the country, sources reveal. At the same time, a third company has reportedly expressed interest in the Greek offshore blocks.

In light of these developments, the Ministry of Environment and Energy is considering launching a single international tender instead of two, which would have been required under existing interest declarations from Chevron. Energy Minister Stavros Papastavrou has received recommendations supporting the idea of consolidating the tender process into one.

Chevron has formally expressed interest in the offshore area “South of the Peloponnese” and, as of March 26, also for two additional blocks “South of Crete I” and “South of Crete II.”

However, no final decision has been made yet, and a resolution on the procedure is expected soon.

A Potential Third Contender

Meanwhile, the interest in Greece’s hydrocarbons may not be limited to Chevron. Speaking at the Power & Gas Forum, Aris Stefatos, CEO of the Hellenic Hydrocarbon and Energy Resources Management Company (HEREMA SA), hinted that a third player—a company already active in upstream oil and gas—has been closely monitoring developments in Greece’s energy sector.

Stefatos also noted that seven companies have been in contact with HEREMA SA regarding Greece’s hydrocarbon potential. While one company reconsidered its strategy, another remains actively engaged in observing the situation.

With major international players now circling Greek offshore assets, the country appears set for a significant expansion in hydrocarbon exploration, marking a potential turning point in its energy strategy.