Greek hydrocarbons are expected to dominate energy news, with a first key “milestone” to be marked at the dawn of the year with the ratification of the contract with Chevron in the Greek Parliament.
In particular, as the Minister of Environment and Energy, Stavros Papastavrou, among others, recently stated, the agreement with Chevron is at the Court of Auditors, with the aim of having the contract signed “by the end of January” and brought to Parliament for ratification, in order to begin seismic surveys south of Crete in 2026.
It is recalled that Chevron, with partner HELLENiQ ENERGY, has won the offshore blocks “South of Crete I” and “South of Crete II”, “South Peloponnese” and “A2”.
In the case of Exxon Mobil, the next step concerns the first exploratory drilling in Greek territorial waters after 40 years in the now-famous block 2 in the Ionian Sea.
The timetables remain clear, with Chevron planning to start seismic surveys in the fall of 2026 south of Crete, that is, in two of the four plots it is securing for research through the tender (the other two south of the Peloponnese), and Exxon Mobil making all the necessary preparations, in order to carry out exploratory drilling together with Energean (as the scheme’s operator) and HELLENiQ Energy within the next 12 to 15 months, that is, in early 2027.
Critical “points”
According to competent sources who spoke to “N”, the exploitation of the generally positive situation is inextricably linked to the determination of the Greek state to assist the critical next steps concerning licensing, environmental issues and the development of the necessary infrastructure that will support offshore activities.
Although developments have run according to schedule so far, with the government and the political leadership of the Ministry of Economic Affairs and Energy keeping their commitments to promote the process, however, as the same sources pointed out, the three aforementioned conditions will judge the overall “race” and consequently the persistence and patience that the companies will be willing to show in order to evaluate the hidden wealth of the Greek seas. The peculiarity lies in the fact that these are global portfolios that “obligatory” orient themselves where greater possibilities and greater benefit are identified, always in correlation and relevance with the existing risk each time.
In this light and given the “unknown” nature of the matter, when we talk about hydrocarbon exploration or even about the result that an exploratory drilling will bring, market sources focus on the need for coordinated steps that will ensure the success of the plan, at least in terms of the immediate next steps, with the subsequent ones being judged by the results of the exploration and not by “backtracking” and “delays” according to the standards of the past.
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