“At least five years on average are needed for geophysical and seismic surveys to conduct a proper assessment. Production from Greek deposits is estimated to begin on average from 2027 to 2028. With today’s signatures, we have doubled our country’s exploration area. Until today we had 48,000 square kilometers. From today it is 96,000 square kilometers. The assessment is that deposits exist,” emphasized Environment and Energy Minister Stavros Papastavrou, speaking to Mega about the agreement between the Greek state and the consortium of Chevron and Helleniq Energy for hydrocarbon exploration in Crete and the Peloponnese.
It should be noted that Greece joins the region’s new energy map from today, following the signing of agreements with the Chevron-Helleniq Energy consortium. The agreements were signed at the Maximos Mansion in the presence of the prime minister.
Papastavrou on Chevron and Helleniq Energy agreement and the deposits
“One of the two largest energy companies worldwide is coming and signing with the Hellenic Republic. In reality, it strengthens our sovereign rights and puts an end to this process that the Turks and Libyans were trying to create beyond any concept of International Law. But this was done with planning, programming and composure. Beyond the economic aspect, there is another dimension that the prime minister has introduced, the energy dimension. Energy is also geostrategic. Europe’s security issue is energy security. And there Greece comes and the prime minister says, Europe needs hydrocarbons, Greece can be a producing country,” the Environment Minister emphasized.
Responding to a question about whether the US might give something more to Turkey after signing the agreement, he said:
“I believe that from the experience I have so far, the American government operates in very good cooperation with our country. Our cooperation is multi-level. It’s not just with Chevron, it’s also with Exxon. Both of the largest American oil companies are being activated in Greece. Our country is the guarantee country.”
He continued by referring to what this agreement offers our country: “From today we will talk about exploration, seismic surveys, geological findings, assessments and production. It is a process that requires patience. What must be judged is whether the texture of the deposits, the depth of the deposits is commercially exploitable to such a degree that it creates profit for the companies. At least 40% comes to us. Beyond the percentage we receive as shareholders of Helleniq Energy. The strictest possible specifications will be observed and this is something that the company said today in our meeting.”
