With the message that Greece now positions itself as a candidate natural gas producer for all of Europe and that the signatures mark a historic strategic milestone for both energy policy and energy security of Greece and Europe, our country officially enters a new energy era, upgrading its position on the energy map. The signing of the agreement between the Greek State and the consortium of Chevron and Helleniq Energy for hydrocarbon exploration in Crete and the Peloponnese is considered of pivotal importance with multilevel benefits. The signing ceremony for the hydrocarbon agreement took place at the Maximos Mansion, in the presence of Prime Minister Kyriakos Mitsotakis and US Ambassador to Greece Kimberly Guilfoyle.
The agreements concern maritime areas south of the Peloponnese and Crete, marking Greece’s return to exploratory drilling after four decades. Prime Minister Kyriakos Mitsotakis characterized the agreement as a “leap” forward, emphasizing that the area now available for exploration almost doubles, rising from 48,000 to 94,000 square kilometers. He noted that despite investments in renewable energy sources, hydrocarbons remain a critical part of the national strategy for energy security. “We also want to produce our own gas. Europe needs it and we want to provide it,” the Prime Minister stated, emphasizing Greece’s geopolitical significance as an alternative supply source to Russian natural gas.
With the signing of the agreement, Chevron Greece Holdings and Helleniq Upstream (a subsidiary of Helleniq Energy) acquire exclusive hydrocarbon exploration rights in four maritime blocks:
– “South Peloponnese”
– “A2”
– “South of Crete I”
– “South of Crete II”
Hydrocarbons: The exploration timeline
The first stage of exploration lasts three years and includes 2D and 3D seismic surveys, the second stage lasts another two years and includes 2D and 3D seismic surveys as well as exploratory drilling, and the third stage another two years with 3D seismic surveys and exploratory drilling.
In the area south of Crete, it is estimated that there are at least nine points with strong probability of exploitable deposits.
The next phase involves conducting exploratory drilling, costing approximately 100 million euros. This represents the most important aspect of the exploration for confirming the existence of deposits and assessing the potential for commercial exploitation of energy resources.
If the results of the first drilling(s) are positive, confirmatory drilling and commercial viability studies follow (quantities, extraction costs, market prices). In the second stage, Chevron – Helleniq will be called upon to make a final investment decision (FID) for deposit development, which entails billions in infrastructure (platforms, pipelines, connection to the vertical corridor).
Guilfoyle: “Greece plays key role in Europe’s energy transformation”
“It is my honor to be here today. This is another significant step in establishing Greece as an energy hub,” Kimberly Guilfoyle stated during the presentation of the concession contracts.
As she noted, 2025 was “an exceptional year for Greek-American relations,” emphasizing that “under Trump’s leadership these relations are strong.” She characterized the signing of the agreements as “the latest chapter in a significant historical cooperation,” noting that “Greece plays a key role in Europe’s energy transformation.” The American ambassador emphasized that Chevron “represents American excellence,” while HELLENiQ ENERGY has “deep market knowledge and regional capabilities.”
“When there is a clear and transparent framework, American and Greek businesses respond,” she said and added that hydrocarbon exploration can “transform the energy landscape and contribute to regional energy security.”
She emphasized that the cooperation is not only of economic but also strategic importance, referring to the Vertical Corridor and American LNG as an alternative to Russian natural gas “not only for the present, but also for future generations.” “Energy cooperation is more than a geological and economic undertaking; it is building bridges between the two peoples,” she noted, congratulating the two companies in the consortium and thanking the Greek government “for its vision and leadership.” In conclusion, she emphasized that the American embassy “remains ready and willing to support the further deepening of relations,” expressing expectation for successful implementation of the venture.
Papastaurou: Greece is not taking a step, but a leap
“Today is a significant moment. The agreements mark an energy milestone. Greece is not taking a step, but a leap. We officially welcome Chevron to Greece, this is important. And it is important because in our time energy security goes hand in hand with national security. And everyone recognizes the importance of hydrocarbons. The government of New Democracy and Kyriakos Mitsotakis supports energy realism in Greece and Europe,” stated Environment Minister Stavros Papastaurou. Greece is evolving into a significant energy exporter, he added.
“For our country the development of hydrocarbons is a national issue that had, has and I hope will have cross-party support. And we must safeguard it,” he said. “Greece from an energy hub becomes an energy stabilizing factor for Southeast Mediterranean. The Vertical Corridor constitutes an alternative solution to Russian gas,” he said. Such policies strengthen Greece’s role. Today’s signatures constitute a strategic move with vision. Today, with the concessions, we double the geographical area that includes our exploration program to 94 thousand sq. km. “Our country and the government remains committed to advancing our common effort. Greece is and will remain a reliable partner for the US. This is the beginning of a cooperation, we will journey together in the coming years,” he concluded.
Full speech by Stavros Papastaurou
Today is a significant moment, today’s signatures mark a historic strategic milestone for both energy policy and energy security of Greece and Europe. As the Prime Minister said earlier, our country is not simply taking a step, but a leap. We officially welcome Chevron to Greece, one of the largest energy companies-groups in the world.
It is important because in our time energy security is linked with national security. Everyone in Europe recognizes the role that hydrocarbons will play in our energy system today and in the coming years.
The New Democracy government of Kyriakos Mitsotakis steadily supports energy realism in Greece and Europe and faithfully follows the path of balanced sustainable development of our homeland’s strategic advantages and therefore has invested significantly in the energy sector. I summarize in our infrastructure with a fivefold increase in resources compared to the previous decade with natural gas pipelines, compression stations, LNG terminals.
In our interconnections with extensions of our networks internally and externally. In our renewable sources utilizing the sun and wind we have in abundance, but also in new technologies aiming for faster and higher quality transition to the digital world. Thus, our country after almost 25 years from being a net electricity importer is evolving into a significant exporter.
Today we inaugurate a new era of national self-confidence and determination. For the first time we are exploring our underwater sources south of Crete, while we are also researching units of the Peloponnese making Greece a potential natural gas producer for the benefit of our country, our citizens and Europe. For the benefit of current and future generations. Utilizing both our geographical position and infrastructure, we raise our geopolitical stature and decisively exercise our sovereign rights.
I want to say something: For our country development in the hydrocarbon sector was, is and will be a national issue, which had, has and I hope will have cross-party support. It is something we must safeguard.
It is a national issue because it concerns our children’s children. We must not allow it to enter any petty party confrontation.
I am particularly moved because in March 2025 I had the honor to complete the work of exceptional predecessors, Kostas Hatzidakis, Kostas Skrekas, Theodoros Skylakakis, whom I want to recognize and honor for their contribution, with Nikos Tsafos, Nikos Tagaras, Takis Theodorikakos, a team that functions like a relay race.
In times of uncertainty that we live, Europe’s decision for complete independence from Russian natural gas constitutes both a challenge and a great opportunity for our country. Greece from an energy hub becomes an energy stabilizing factor for the Southeast Mediterranean.
The Vertical Corridor is now a reality and constitutes an alternative solution to Russian natural gas. It is an artery connecting trade of approximately 100 million people in a region that until now was fragmented. These policies strengthen our country’s role and as the Prime Minister says have a goal to transform collective progress into individual benefit, into individual progress for every consumer, every household, every business, into abundant affordable energy that today more than ever is necessary.
Therefore today’s signatures constitute a strategic move with vision. Today with the 4 maritime concessions through which Chevron and HELLENiQ ENERGY enter we double the geographical area that includes our exploration program, we reach 94,000 sq. km. We thus decisively strengthen our national program, increasing the probabilities of finding commercially exploitable deposits.
I sincerely thank Chevron and HELLENiQ ENERGY not only for their trust and decision to invest in Greece, but also for the institutional way they handled every stage of this process.
Our country and the government remains committed to advancing our common effort, fully realizing its importance. Greece is and will be a reliable partner for the US.
Chevron is here, Greece is strengthening. This is the beginning of a cooperation, we will journey together in the coming years.
