A Chevron-led consortium on Monday signed exclusive lease agreements with Greece to begin exploring for natural gas in deep waters off the country’s southern coast, expanding Washington’s footprint in the eastern Mediterranean.
The contracts cover four offshore blocks south of the Peloponnese peninsula and the island of Crete, spanning about 47,000 square kilometres, and more than double the maritime acreage available for exploration in Greek waters.
The move follows a recent deal in which Exxon Mobil joined Energean and Helleniq Energy to search for gas in western Greece, reflecting growing U.S. corporate interest in the region’s untapped reserves.
Athens is reviving offshore exploration after the 2022 energy price shock triggered by Russia’s invasion of Ukraine, as the European Union looks to reduce its dependence on Russian gas supplies.
Greece, which has no domestic gas production, wants to become a transit hub for U.S. liquefied natural gas shipped into southeastern Europe via the Vertical Gas Corridor linking it to central Europe and Ukraine.
U.S. Ambassador to Greece Kimberly Guilfoyle said LNG flows through Greece were strengthening transatlantic ties and creating a durable alternative to Russian energy for Europe.
The EU, while rapidly expanding renewable energy capacity, still sees natural gas as a critical transition fuel to stabilise power grids when wind and solar output is low.
Under the agreement, Chevron will lead seismic surveys in the licensed blocks later this year once the Greek parliament approves the contracts.
The consortium has up to five years to identify commercially recoverable deposits in the area, the Greek government said.
Any exploratory drilling would not begin before 2030–2032, underlining the long-term nature of Greece’s ambition to anchor a new southern gateway for European gas supplies.