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Chevron-led consortium signs contracts for gas exploration off Greece
Chevron-led consortium will explore four offshore blocks covering 47,000 sq km south of Greece, aiming to reduce import dependence and support EU energy transition goals.
- On Monday, a consortium led by Chevron signed exclusive leases to explore natural gas off southern Greece, expanding the United States' presence in the eastern Mediterranean.
- Greece picked the consortium as preferred bidder at the end of last year after an international tender and revived its quest for gas exploration following the 2022 energy price shock.
- Covering about 47,000 square kilometers, the four offshore blocks lie in ultra-deepwater beyond 1,500 meters, with Chevron holding 70% and Helleniq's wholly-owned subsidiary 30% in a three-phase exploration.
- Pending parliamentary approval, seismic research is slated for later this year, and exploratory drilling is expected in late 2026 or early 2027 with a five-year search window.
- Greece aims to be a gateway for U.S. LNG via the Vertical Gas Corridor, and the deal doubles Greek maritime acreage for exploration, with Guilfoyle saying `It redraws, quite simply, the energy map of Europe, creating a durable alternative to Russian gas not just for one season but for generations to come`, during a presentation in Athens.
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Greece Signs Hydrocarbon Exploration Agreements With Chevron–Helleniq Energy
Greek officials sign the agreement with Chevron and Helleniq Energy as PM Mitsotakis stands in the ceremony. Credit: AMNA/Orestis Panagiotou On Monday, Greece signed concession agreements for four offshore blocks located south of Crete and the Peloponnese. The contracts were awarded to a consortium comprising Chevron and Helleniq Energy. The signing comes 18 months after the consortium’s initial expression of interest and less than a year after …
A new phase of gas exploration in the Mediterranean has begun with the signing of several contracts between the Greek State and a Greek-American consortium of companies.
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