Published by Global Banking & Finance Review®
Posted on October 24, 2025
2 min readLast updated: January 21, 2026
Greece has chosen Chevron and Helleniq for offshore gas exploration, aiming to reduce reliance on Russian energy. Contracts await approval before seismic research begins in 2026.
ATHENS (Reuters) -Greece has named a consortium of U.S. oil major Chevron and Helleniq Energy, the country's biggest oil refiner, as preferred bidder for gas exploration in southern offshore blocks, the Greek energy ministry said on Friday.
The move comes after Chevron and Helleniq submitted a joint bid in a Greek tender this year to look for gas in four deep-sea blocks off the Peloponnese peninsula and the island of Crete.
Greece, which produces very small volumes of oil and relies on hefty gas imports for power generation and domestic consumption, has been keen to explore for gas and bolster its role as a gas transit route as the European Union aims to phase out Russian energy after Moscow invaded Ukraine.
Greece was now expected to invite the two companies to work together to finalise the draft contracts, the energy ministry said in a statement.
The country has said that the contracts will then need approval from a Greek court of auditors and parliament before the consortium can start seismic research in 2026. It has up to five years to locate potential recoverable deposits and any eventual test drilling would not come before the 2030-2032 period.
(Reporting by Angeliki Koutantou, Editing by Louise Heavens)
Gas exploration involves searching for natural gas deposits beneath the Earth's surface, using techniques like seismic surveys and drilling to locate and assess potential reserves.
A consortium is a group of companies or organizations that come together to work on a specific project, sharing resources, expertise, and risks.
Seismic research uses sound waves to investigate the geological structure of the Earth, helping to identify potential locations for oil and gas deposits.
Offshore blocks refer to designated areas in bodies of water where companies are allowed to explore and extract oil and gas resources.
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