Published by Global Banking & Finance Review®
Posted on September 10, 2025
2 min readLast updated: January 22, 2026
Add as preferred source on GoogleChevron partners with Hellenic Energy to explore gas offshore Greece, targeting four blocks near Crete to enhance EU energy independence.
By Angeliki Koutantou and Lefteris Papadimas
ATHENS (Reuters) - U.S. oil major Chevron has submitted a bid to explore for natural gas in four blocks offshore Greece in a consortium with Greece's Hellenic Energy, Greece's Energy Minister Stavros Papastavrou said on Wednesday.
The country launched the tender this year after Chevron and oil refiner Hellenic Energy expressed interest in four deep-sea blocks off the Peloponnese peninsula and the island of Crete.
The deadline for bids was at 1700 (1400 GMT) on Wednesday.
A Chevron spokesperson confirmed the bid for the four blocks.
"Chevron has a large and important position in the Eastern Mediterranean, a region which is very much a part of our future and a priority for us."
Greece, which produces very small volumes of oil, has ramped up renewables output in recent years but still relies heavily on gas for power generation. The country aims to tap domestic resources as part of a European Union push to shift away from Russian energy after Moscow invaded Ukraine.
Major gas finds off Egypt, which lies south of Crete, have sparked hopes that Greek waters could also contain significant gas reserves.
The area off Crete borders two licensed blocks where an ExxonMobil-led consortium has been evaluating seismic data before taking any final decision on test drilling.
(Reporting by Angeliki Koutantou and Lefteris Papadimas;Additional reporting by Sheila Dang; Editing by Edward McAllister, Kirsten Donovan)
Chevron has submitted a bid to explore for natural gas in four blocks offshore Greece in a consortium with Hellenic Energy.
The exploration is significant as Greece aims to tap into domestic resources, especially given the hopes for substantial gas reserves in Greek waters.
The exploration involves four deep-sea blocks off the Peloponnese peninsula and the island of Crete.
Greece has ramped up its renewable energy output but still relies heavily on gas for power generation, aiming to utilize domestic resources.
An ExxonMobil-led consortium is also evaluating seismic data in nearby licensed blocks before making decisions on test drilling.
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