Chevron to Sign Hydrocarbon Exploration Deals in Crete and Peloponnese

Agreements with Chevron for hydrocarbon exploration in the sea areas of Crete and the Peloponnese are expected to be signed on February 16. The agreements concern four offshore blocks with high geological interest.

Following the signing, the Ministry of Environment and Energy will submit the agreements to Parliament for ratification. Seismic surveys are expected to begin within 2026.

Minister of Environment and Energy Stavros Papastavrou stated that this development opens significant prospects for the development of the hydrocarbon sector and the strengthening of the country's energy and geopolitical position.

Meanwhile, Energean is planning to submit a request for an extension of the research program.

Developments are also being recorded in the Ionian Sea, where ExxonMobil is acquiring a majority stake of 60%.

Critical decisions are also expected for the “West of Crete” concession, as the current extension of ExxonMobil's research program expires in April.