Greece has recently approved an international tender for hydrocarbon exploration in four offshore blocks in the Mediterranean Sea, as announced by the energy ministry. This decision follows an expression of interest from major players, Chevron and Helleniq Energy. The tender includes two blocks located south of Crete and another block off the Peloponnese peninsula.
The ministry highlighted that an ExxonMobil-led consortium is currently assessing seismic data after securing a license to explore for gas in two additional blocks near Crete. Once the tender is published in the official gazette of the European Union, interested investors will have a period of 90 days to submit their bids for the new blocks. Greece’s reliance on oil and gas imports to meet its domestic energy demands has prompted a renewed focus on hydrocarbon exploration in recent years.
This initiative has been fueled by significant gas finds off the coast of Egypt, situated south of Crete. However, the effort takes place against the backdrop of an ongoing dispute with Turkey regarding the jurisdiction over energy resources in the Aegean Sea. In addition to these developments, Greek Energy Minister Stavros Papastavrou is scheduled to meet with Chevron officials during a trip to the United States later this month.
Greece aims to finalize the tender process by August, with the intention of having the lease agreements with the selected bidders ratified by parliament by the end of the year. This strategic move marks a significant step in Greece’s efforts to enhance its energy independence and explore its hydrocarbon potential.