Greece has signed contracts with a Chevron-led consortium and Hellenic Energy to begin offshore gas exploration south of Crete and the Peloponnese, marking a new phase for Mediterranean energy exploration.

The agreements cover four offshore blocks—South of the Peloponnese, A2, South of Crete I, and South of Crete II—spanning about 47,000 square kilometers with Chevron as the sole bidder alongside HELLENiQ ENERGY.

The deal expands Greek maritime acreage available for deep-sea exploration and follows a prior Chevron–Hellenic Energy arrangement, with Parliament ratification still required.

The announcement notes standard forward-looking statements and risk factors, including energy prices and regulatory changes, with details contingent on parliamentary approval.

The development aligns with Europe’s push to diversify energy sources and bolster resilience amid geopolitical and supply pressures.

Parliamentary approval is required for lease contracts before seismic work can begin; the consortium has up to five years to locate recoverable deposits, and test drilling would not occur before 2030–2032.

The deals fit a broader European strategy to reduce reliance on Russian gas, with Greek officials citing an aim for substantial independence by the end of 2027.

The move echoes the EU's aim to lessen Russian gas dependence, with Greek discussions reflecting this policy context and a broader energy shift.

The initiative follows years of effort since 2022, including high-level talks in Washington and Texas, and aims to attract major U.S. energy players and secure investment and security assurances from the United States.

Exploration in multiple offshore blocks is expected to contribute to Greece’s and the EU’s goals of diversified gas supplies and strengthened energy security.

In phase one, the consortium will conduct 2D and 3D seismic surveys to assess hydrocarbon potential, with parliamentary ratification required.