Chevron (NYSE:CVX) has finalized agreements to explore four massive offshore blocks in Greece, a move that doubles the country's maritime acreage available for energy development and marks a significant escalation of U.S. industrial presence in the region.
The San Ramon, California-based company, acting through four Dutch subsidiaries, signed the lease agreements Monday in Athens alongside partner HELLENiQ ENERGY and the Hellenic Republic.
The consortium—in which Chevron holds a 70% operating interest and HELLENiQ holds 30%—will target frontier areas south of Crete (South Crete 1 and 2) and within the Peloponnese (South of Peloponnese and Block A2).
The deal, which still requires ratification by the Greek Parliament, initiates a phase of intensive 2D and 3D seismic work programs.
Greek officials have signaled that if recoverable deposits are found, the first test drilling could occur between 2030 and 2032.
"This is another important milestone for Chevron as we continue building momentum in the Mediterranean region," said Kevin McLachlan, Vice President of Exploration.
The expansion comes as Greece seeks to transform itself from a net energy importer into a critical hub for European energy security, particularly as the continent moves to permanently replace Russian gas supplies.