Chevron receives green light to explore hydrocarbons south of Crete

The Greek Ministry of Environment and Energy has officially accepted a request from U.S.-based energy company Chevron to explore hydrocarbons in two new marine areas south of Crete.

Chevron, the second-largest private American energy company globally, has shown interest in researching two marine blocks, South Crete I and South Crete II, located in areas published by the Greek government through an international tender back in 2014.

These blocks are within Greece’s alleged exclusive economic zone, but their location might be a point of contention with Türkiye, lead to concerns that the exploration might exacerbate tensions in the Eastern Mediterranean.

Chevron’s hydrocarbon exploration proposal

According to a statement from the Ministry of Environment and Energy, Chevron’s request to explore for hydrocarbons in these two blocks in the southern region of Crete has been met positively.

The ministry added that it will soon take a decision on the type of contract to be signed and proceed with an international tender process to further formalize the agreement.

The ministry also mentioned that Chevron had previously shown interest in working in the southern part of the Peloponnese Peninsula, further indicating the company’s growing interest in the Mediterranean energy market.

Chevron’s expanding presence in Greece’s energy market

In response to Chevron’s interest, the Ministry of Environment and Energy has confirmed the acceptance of their proposal and will proceed with the issuance of official decisions regarding the exact coordinates, contract type, and an international tender for the project.

Additionally, the areas have already been subjected to an approved Strategic Environmental Impact Assessment, ensuring the exploration meets necessary regulatory standards.

Chevron’s interest in these areas is seen as a positive development for Greece’s energy sector, which aims to reduce its dependency on foreign energy sources and boost its energy security. This decision to allow Chevron to explore the areas south of Crete follows a similar proposal recently reaffirmed by the company for the southern Peloponnese region, accepted earlier by former Minister of Environment and Energy, Thodoris Skilakakis.

From Türkiye’s perspective, the exploration of these areas by Chevron may be seen as an infringement on its rights over the contested waters.

Ankara, which has also pursued energy exploration in the Eastern Mediterranean, has long objected to Greece’s claims over maritime zones, particularly in areas surrounding Crete and other nearby islands. Ankara maintains that these areas fall within Türkiye’s own maritime jurisdiction, and has argued that Greek exploration activities are a violation of international maritime laws, particularly the United Nations Convention on the Law of the Sea (UNCLOS). As such, the involvement of major foreign companies like Chevron in these disputed regions could be perceived by Türkiye as a challenge to its sovereignty and territorial rights.

Minister Papastavrou’s statement on Greece’s energy future

Greek Minister of Environment and Energy, Stathis Papastavrou, expressed confidence in the country’s growing role as an energy hub in the Mediterranean. “Today we have a significant and positive development. The Ministry of Environment and Energy accepts Chevron’s interest in the South Crete I and II marine areas. Chevron, the second-largest private American energy company operating in hydrocarbons, is showing ongoing and increasing interest in exploration in our homeland. This is a vote of confidence in Greece,” Papastavrou said.

He emphasized that this move demonstrates Greece’s appeal as an investment destination, bolstered by a reliable government committed to ensuring stability.

“This is also a strong indication of the presence of significant natural energy resources, crucial for our country, the Eastern Mediterranean, and Europe. Resources that will be used for the benefit of all Greeks,” he added.