ΕΑΝ ΠΡΟΤΙΜΑΤΕ ΕΛΛΗΝΙΚΑ ΠΑΤΗΣΤΕ ΤΗ ΣΗΜΑΙΑ ΣΤΟ ΚΑΤΩ ΜΕΡΟΣ ΤΗΣ ΟΘΟΝΗΣ
The bid targets areas overlapping the Turkey–Libya memorandum, raising major geopolitical stakes. If successful, the project could generate billions in revenue, thousands of jobs, and position Greece as a key energy hub for Europe.
By Helleniscope’s Editorial Team
The joint bid by Chevron and Helleniq Energy carries both economic and geopolitical weight. The offshore areas in question overlap with maritime zones claimed under the illegal Turkey–Libya memorandum, making this initiative a direct affirmation of Greek sovereignty.
Chevron’s participation—one of the world’s largest oil and gas players—anchors Greece firmly within the Western strategic energy map. The move complements U.S. and EU efforts to ensure Europe’s energy diversification away from Russia, while counterbalancing Turkey’s expansionist claims in the Eastern Mediterranean.
It also ties directly into the EuroAsia Interconnector, the undersea electricity cable linking Israel, Cyprus, and Greece, and strengthens the 3+1 Alliance (Greece, Cyprus, Israel, plus the U.S.), which integrates energy, infrastructure, and security policy across the region.
Economic Potential and Profit Models
If commercially viable reserves are confirmed, Greece could see multi-billion-euro revenues through royalties, taxation, and infrastructure projects. Thousands of jobs are expected in exploration, drilling, logistics, and downstream services, invigorating local economies.
Comparisons with Israel and Egypt highlight what is at stake:
Israel – Leviathan and Tamar fields: Through royalties, corporate taxes, and a windfall profits levy, the Israeli state secures roughly 50–60% of net profits once companies recover development costs. State revenue from gas projects has already reached nearly 30 billion shekels (around $7.9 billion) as of 2024.
Egypt – Zohr field: Operates under a production-sharing agreement. The state-owned EGAS receives 60–69% of output profits, while ENI retains the remainder. At production levels of 2.5 bcf/day and $4 per MMBtu, annual revenue has reached approximately $3.6 billion, of which Cairo secures the clear majority.
If Greece follows similar models, the country should secure the majority of long-term net profits. However, there is a sobering caveat: Greece’s corrupt political class has shown, time and again, a readiness to cut sweetheart deals that reduce national gains while fattening their personal accounts in tax-free paradises overseas. This reality must be kept in mind as Greece negotiates the terms of exploitation.
Toward an Energy Hub
A natural gas find of significant scale would not only satisfy Greek demand but also allow for exports via LNG terminals, pipelines, and the EuroAsia Interconnector. This would transform Greece into a regional energy hub, supplying Southeastern Europe, strengthening EU energy security, and boosting Athens’ leverage in regional diplomacy.
The Next Step
For Greece, the Chevron–Helleniq partnership represents both a shield of sovereignty and a potential economic windfall. The next logical step, as Helleniscope and others have argued for over 15 years, is for Greece and Cyprus to delineate their Exclusive Economic Zones (EEZs) formally. This would consolidate their legal standing, eliminate ambiguities exploited by Ankara, and maximize opportunities for cooperation in energy, infrastructure, and security across the Eastern Mediterranean.
September 10, 2025, n.stamatakis@aol.com www.helleniscope.com
DISCLAIMER: The views and statements expressed in this article constitute constitutionally protected opinions of this author.
TO SUPPORT HELLENISCOPE OR BECOME A SUBSCRIBER, LINK HERE!!
