Greek Energy Min: Greece Poised for Energy Leap with Chevron Deal

Greece is set to bring four landmark energy agreements between the Greek State and the Chevron–HelleniqEnergy consortium before Parliament for ratification in March, Environment and Energy Minister Stavros Papastavrou announced on Tuesday during an interview with ERT News.

“With yesterday’s signatures, Greece moves forward with confidence. Greece grows stronger. Greece strengthens—economically, energetically, and geopolitically,” the Minister said. He emphasized that the agreements mark a decisive step, noting that Chevron, the world’s second-largest energy company, will begin exploration in four blocks south of Crete and the Peloponnese. “This effectively nullifies the baseless Turkey-Libya maritime memorandum,” he added.

Papastavrou described the signed agreements as the closing of a first chapter of negotiations and planning, and the start of a new phase focused on exploration, evaluation, and, God willing, hydrocarbon production. “We are moving these agreements to Parliament in March, and exploration will begin in the second half of 2026,” he said.

Asked about the benefits for Greece, the Minister explained that 40% of profits will go directly to the State, while the remaining 60% will be retained by the Chevron–HelleniqEnergy consortium. Because the Greek State holds a stake in HelleniqEnergy, part of this share will return to society, effectively boosting the State’s overall gain beyond the initial 40%.

On the ExxonMobil front, Papastavrou confirmed that Greece will conduct its first exploratory drilling in nearly half a century in the first half of 2027. If commercially viable, gas production could even precede Chevron’s timeline.

Turning to the Vertical Corridor project, the Minister announced a meeting in Washington next week, organized by U.S. Energy Secretary Chris Wright, to discuss the next steps. “Inaction is not an option. Greece can become a hub, enabling natural gas to flow to Vertical Corridor countries and Ukraine,” he said.

Closing his remarks, Papastavrou highlighted the historic nature of the energy agreements and the government’s overarching goal: “Prime Minister Kyriakos Mitsotakis has stated repeatedly that national progress must translate into individual prosperity. This is our responsibility. These historic energy deals must deliver tangible benefits to citizens’ daily lives.”