Chevron declares itself proud of its positioning in Greek hydrocarbons. Gavin Lewis, Vice President New Ventures at Chevron, speaking during the presentation of the four concession agreements in Crete and the Peloponnese, emphasized: “We are proud of these four areas that we are adding to our portfolio. Our entry into Greek hydrocarbons constitutes a milestone for our company as well as for potential future exploration in Greece.”
Hydrocarbon exploration in numbers
Aristofanis Stefatos, Chief Executive Officer Hellenic Hydrocarbon Resources Management S.A., during the event at the Acropolis Museum, among other things, underlined the national hydrocarbon exploration program and what lies ahead with Chevron’s entry into the game.
As he said, citing technical models and calculations, Greece has secured investments in the Greek upstream sector amounting to €790 million for the coming decades.
From 2027 to 2032, a series of exploratory drillings are expected in offshore blocks that have been granted.
From 2032 to 2035, if the first exploratory drillings confirm gas deposits, there will be productive hydrocarbon activity.
With the signing of the four concession agreements with Chevron, the benefits, as Mr. Stefatos stated, for the Greek economy translate into a 20% corporate tax and a 5% regional tax. Production rights amount to €35 million over time. Royalties will be collected depending on the level of production, ranging from 4% to 15%.
With the four agreements, the signing bonuses amount to €3.5 million, the first production bonus to €5.5 million, and additional bonuses to €49.2 million. For the first three-year phase of the exploration programs, bank guarantees of €17.5 million have been secured; in the second phase, €24 million; and in total, €100 million.
Deeper strategic relationship between Greece – USA
U.S. Ambassador Kimberly Guilfoyle described the signing of the four agreements as another step in the strategic relationship between Greece and the USA. She described Greece as a player in the energy sector and stressed that U.S.–Greece relations are becoming deeper.
Hydrocarbon exploration as a national matter
Stavros Papastavrou, Minister of Environment and Energy, emphasized on his part that exploration for Greek hydrocarbons constitutes a national matter. He also stressed that these agreements further strengthen Greece’s and Europe’s energy security.
Finally, Andreas Shiamishis, Chief Executive Officer of HELLENiQ ENERGY, pointed out the need for stability in the energy sector for hydrocarbon exploration.
