In a period of intense geopolitical turbulence, yesterday’s development regarding Greek hydrocarbons was exactly what the government was seeking at this time: The consortium of Chevron and Helleniq Energy announced their participation in the international tender for four offshore blocks south of Crete and the Peloponnese. “I believe this is the best proof of how our government understands the upgrading of the country’s geopolitical position. We are becoming a significant energy ‘player’ in the Eastern Mediterranean, something recognized not only by the European Union but also by the United States of America,” noted Kyriakos Mitsotakis shortly afterward, from Haidari.
The assessment existing at the Maximos Mansion and the Ministry of Environment and Energy is that our country is strengthening its geopolitical position through the completion of the hydrocarbon tender with the participation of the largest companies, as well as the announcement of the marine spatial planning and the presentation of new National Marine Parks in the Ionian and Aegean seas.
De facto recognition of Greek EEZ signaled by presence of American giants
The strong presence of American giants in the region indirectly provides some security guarantees, while it is also interpreted as de facto recognition of the Greek EEZ in the area. ExxonMobil, the largest American oil and natural gas company, has already acquired (together with Helleniq Energy) the rights for natural gas exploration in two offshore blocks off Crete, and the research has progressed significantly, with one of the two areas (southwest of Crete) having already moved to the second phase.
The second largest American company in the sector, Chevron, also entered the “game” recently, expressing interest together with Helleniq Energy in new offshore areas for hydrocarbon exploration and production southwest of Crete and south of the Peloponnese, and now its participation in the international tender announced by the government is official.
It is characteristic that just a month and a half after being sworn in as US Interior Secretary, Doug Bergum spoke by phone with Environment and Energy Minister Stavros Papastavrou –in his capacity as chairman of the US National Energy Council–, showing Washington’s interest in the Greek government’s acceptance of American company Chevron’s interest in the offshore blocks “South Crete I and II” and the next steps. As Kyriakos Mitsotakis had noted at the time, “essentially, the American multinational practically recognizes the Greek exclusive economic zone in the region, while I want to point out that Libya, which recently auctioned offshore blocks in its own EEZ, also followed the median line, essentially respecting Greek sovereign rights.” He characterized this move as “proof that our country is recognized as an energy hub in the broader region, both in the field of renewable energy sources and in the field of hydrocarbons.”
The goal of the government and the competent Ministry of Environment and Energy is to have the contractor announced by 2025, so that the first seismic surveys can be carried out at the beginning of next year, hoping that the findings prove commercially exploitable. What exact quantities of natural gas deposits the seabed of southern and southwestern Greece hides, no one can say with certainty – not even approximately, nor can anyone safely predict whether our country will be able to exploit these deposits. However, expert estimates -which cannot yet be confirmed- speak of a deposit not equal to, but comparable to Zohr, the offshore natural gas field in Egypt, which is currently considered the largest in the Mediterranean.
Today, at 11:00, Kyriakos Mitsotakis will meet Doug Bergum at the Maximos Mansion, with the Trump administration showing interest not only in the potential existence of natural gas in Greece, but also in further utilizing our country as a gateway for American natural gas into the European energy market, through Revithoussa and Alexandroupoli.
