ΕΑΝ ΠΡΟΤΙΜΑΤΕ ΕΛΛΗΝΙΚΑ ΠΑΤΗΣΤΕ ΤΗ ΣΗΜΑΙΑ ΣΤΟ ΚΑΤΩ ΜΕΡΟΣ ΤΗΣ ΟΘΟΝΗΣ
By Helleniscope’s Editorial Team
In Athens today, Greece signed offshore hydrocarbon exploration agreements with U.S. energy major Chevron and Greek partner HELLENiQ ENERGY, marking a significant step in the country’s long-term energy strategy.
The agreements cover four offshore blocks — South Crete 1, South Crete 2, South of the Peloponnese, and Block A2 — spanning approximately 47,000 square kilometers in deep Mediterranean waters.
These are exploration concessions, not production licenses.
Chevron will operate the blocks with a 70 percent stake, while HELLENiQ ENERGY holds 30 percent. Greece does not take equity participation. Instead, the state retains sovereign ownership of the resources and stands to benefit through royalties, taxes, and concession payments if commercial discoveries are made.
Under Greece’s concession model, the companies fund all exploration at their own risk. If no viable reserves are found, they absorb the losses. If production proceeds, Greece’s fiscal take — through royalties and taxation typically amounts to 40 to 60 percent of project profits under comparable regimes.
The agreements now move to parliamentary ratification. Seismic surveys are expected to begin later this year, while any drilling would likely occur toward the end of the decade.
Strategically, Chevron’s entry reinforces Greece’s role in the evolving Eastern Mediterranean energy landscape. While exploration carries significant uncertainty, today’s signing signals Athens’ intent to position itself not only as an energy transit hub — but potentially as a producer.
February 16, 2026, n.stamatakis@aol.com www.helleniscope.com
DISCLAIMER: The views and statements expressed in this article constitute constitutionally protected opinions of this author.
