A joint bid by U.S. oil major Chevron and Greece’s HelleniQ Energy to explore for natural gas off the coast of Crete is a significant move that could boost Greece’s energy independence and strengthen its position against Turkey.
The bid, submitted just before Wednesday’s deadline, targets four deep-sea blocks near Crete and the Peloponnese. It is the result of a tender launched earlier this year after both companies expressed interest.
“Chevron confirms it has submitted bids, jointly with HelleniQ Energy, to Greece’s Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) for 4 open blocks offshore Greece.”
“We are looking forward to working with the regulator to successfully complete the tender evaluation processes and we will share further details at the appropriate time,” Chevron added.
HelleniQ Energy also released a statement confirming the bid. “This participation complements and consolidates HelleniQ Energy’s exploration and production activities in the area, while for Chevron this is a new country entry,” the Greek member of the consortium said.
The geopolitical implications of this bid are substantial. Greece sees it as a key advantage in its long-standing maritime dispute with Turkey, which has previously promoted a claim that islands, including Crete, do not have their own continental shelf.
“It is the best proof of how the government perceives the country’s upgrade. We are an important energy player in the Mediterranean,” Greek PM Kyriakos Mitsotakis stressed, adding that on Thursday he will meet in Athens with the US Secretary of the Interior, who is responsible for energy portfolios.
Greek Energy Minister Stavros Papastavrou praised the bid as a “new chapter” for the country’s energy future, highlighting that it lays “solid foundations for its energy self-sufficiency” and helps leverage Greece’s geopolitical position in the Eastern Mediterranean.
For Chevron, this marks a new entry into a country that produces very little oil and has focused on expanding its renewables sector. However, Greece still relies heavily on gas for power generation, making domestic natural gas resources a strategic priority. This move aligns with a broader European Union initiative to reduce its dependence on Russian energy.
The American company, which has a significant presence in the Eastern Mediterranean, stated that the region is a priority for its future. HelleniQ Energy noted that this partnership “complements and consolidates” its existing exploration efforts.
The area of interest is also the site of a separate exploration effort by a consortium led by ExxonMobil, which is currently analyzing seismic data. Major gas finds off Egypt have fueled hopes that the Greek waters could also hold significant reserves.
