Greece Awards Chevron Helleniq Offshore Gas Exploration Rights

Greece has awarded exclusive rights to explore four offshore hydrocarbon areas in the Ionian Sea, south of the Peloponnese and Crete, to a consortium led by U.S. energy giant Chevron and Greek firm Helleniq Energy. The partnership, combining Chevron's global expertise with Helleniq's domestic capacity, aims to identify natural gas reserves that could bolster Greece's energy independence and European supply role. The exploration program will proceed in three phases, including seismic surveys and exploratory drilling over several years, pending contract ratification by the Greek Parliament, possibly as early as November 2025. This move enhances American energy influence in Southeastern Europe, complementing ExxonMobil's existing operations in the region. Environmental concerns have been raised due to the proximity of drilling zones to a planned marine park, although the Greek Ministry has previously adjusted marine park boundaries to accommodate energy projects. The contracts will undergo review by the Court of Audit before parliamentary approval, with geophysical surveys expected to start in 2026.