Greece presented the timeline for offshore hydrocarbon exploration in the Aegean Sea and will be publishing a tender in the Official Journal of the European Union by the end of April, the Greek Minister of Energy said Thursday.
The timeline was presented by Stavros Papastavrou, Minister of the Environment and Energy, during the 10th Delphi Economic Forum, taking place this week. The announcement comes days after the Greek government accepted US energy giant Chevron’s interest in exploration for hydrocarbons off the island of Crete, which Pavastavrou highlighted, adding that this was the first ministerial decision related to Chevron’s bid. The second is due on Friday and publication of the tender will follow.
He said that expressions of interest will be accepted throughout August, with the goal of ratifying a contract in Parliament by the end of 2025.
Asked about the issue, the minister clarified that the area south of Crete lies outside any zones claimed by Turkey, stressing that there is no legal basis for any objections by Ankara. Chevron’s interest, he added, followed careful geological and geopolitical assessments.
Regarding the Greece-Cyprus electricity interconnector, Papastavrou called it a crucial but complex project, requiring discretion and careful planning.
Cyprus’ Energy Minister Giorgos Papathanasiou also highlighted the project’s significance, while expressing confidence that diplomacy would address any geopolitical risks.
Greece accepts Chevron’s interest—the first step in hydrocarbons exploration
In late March, Greece accepted Chevron’s interest in exploration for hydrocarbons off the island of Crete, after the US energy giant, the world’s second largest private company in the hydrocarbon sector, had expressed interest in exploring blocks I and II south of Crete for potential hydrocarbon deposits. The US company has recently also expressed interest in exploring the offshore area southwest of the Peloponnese and west of Crete.
According to insiders speaking to Kathimerini, this region is of particular interest to the American company. However, it is also considered a geopolitically sensitive area because it overlaps with the borders of the illegal memorandum signed between Turkey and Libya.
Chevron’s move is expected to boost Greece’s position in the international markets as it will now have four new areas of concession, covering a total area of 47,000 square kilometers: Block A2, South of the Peloponnese, South of Crete I and South of Crete II.
Chevron now holds the most areas of concession, followed by ExxonMobil with 35,655 square kilometers, Helleniq Energy with 8,564 square kilometers and Energean with 2,414 square kilometers.
The expansion of available exploration plots increases the chances of identifying commercially viable hydrocarbon deposits, the ministry added in the statement.
Papastavrou said at the time that Chevron’s interest “is a vote of confidence in Greece. It proves that our country remains an attractive investment destination, with a reliable government that guarantees stability. At the same time, it is a strong indication for the existence of significant natural energy resources, critical for our country, the Eastern Mediterranean and Europe.”
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