Chevron Confirms Eyeing Natural Gas Exploration South of Crete

Chevron’s growing involvement in Greece’s offshore energy sector signals a potential shift in the Eastern Mediterranean’s exploration landscape. The American oil giant recently expressed interest in two new offshore blocks south of Crete — “South of Crete I” and “South of Crete II” — just two months after declaring its intent to explore a third area south of the Peloponnese.

The move marks Chevron’s second upstream initiative in Greece and adds momentum to what government sources describe as the country’s strengthening geopolitical role in the region. According to officials, Chevron’s proposals were shared with and understood by the U.S. State Department, suggesting a degree of diplomatic alignment behind the company’s expansion.

Chevron’s growing presence joins that of ExxonMobil, which is already conducting exploration activities in nearby blocks “Southwest of Crete” and “West of Crete.” Together, the involvement of two of the world’s largest private energy firms has raised expectations of significant hydrocarbon finds — though no confirmed discoveries have yet been announced.

An international tender for the two Crete blocks is expected to be launched within the year, following procedural support from Greece’s Hydrocarbon and Energy Resources Management Company (EDEYEP). If approved, Chevron would oversee exploration across approximately 46,000 square kilometers — more than any other operator in the region. ExxonMobil is overseeing 35,655 sq. km, followed by Helleniq Energy with 8,564 sq. km, and Energean with 2,414 sq. km.

While government sources frame this interest as a vote of confidence in Greece’s investment climate and energy potential, others may see it as part of a broader push by multinationals to secure new reserves amid global energy uncertainty. The Eastern Mediterranean has become an area of increasing exploration activity, with new drilling underway in Egypt and Cyprus.

Still, the presence of major oil firms raises questions about environmental risks, transparency in licensing, and the long-term energy strategy of Greece and the EU to transition to clean and renewable energy sources.