Investments in hydrocarbon exploration are expected to reach 1 billion euros during the period 2027-2032, following the signing of contracts for the concession of 4 areas south of Crete and south of the Peloponnese for exploration, to the Joint Venture of the American Chevron with Helleniq Energy.
If exploitable deposits are identified, production is expected to begin in 2032-2035 and the benefit for the State (beyond the geostrategic and the improvement of the trade balance) ranges from 40% of the income that will arise.
“We are restoring our geopolitical stature”
Speaking at the event, the Minister of Environment and Energy Stavros Papastavrou stressed that Greece, from a net importer, is evolving into a significant exporter of energy. “We are inaugurating a new era of national self-confidence. For the first time, we are exploring southern Crete and the Peloponnese, for the benefit of our country, citizens and Europe, as well as for the benefit of current and future generations. We are restoring our geopolitical stature and decisively exercising our sovereign rights,” he stressed.
US Ambassador to Greece Kimberly Guilfoyle spoke of an important step towards Greece’s emergence as an energy hub and added that two companies will unlock the country’s hydrocarbon potential for the benefit of Greek citizens. “The four areas are very promising and can transform the energy landscape in Greece,” she said.
In a 7-year time horizon, instead of 8
Hellenic Hydrocarbons and Energy Resources Management company (HEREMA) CEO Aristophanes Stefatos referred to the provisions of the contracts that include minimum obligations of the companies for 2D, 3D seismic surveys as well as exploratory drilling in a 7-year time horizon (instead of 8 as provided for in previous contracts).
A total of 176 million euros have been invested in the exploration sector since 2014, to which another 41.5 million are added, at least in the 4 new areas. Together with block 2 in the Ionian Sea, where exploration drilling is expected in early 2027, the total expenditure on exploration is approaching 1 billion euros, as he said.
Chevron’s vice president, Gavin Lewis, spoke of a milestone for both the company and hydrocarbon exploration in Greece and added that the exploration will proceed safely and responsibly.
Helleniq Energy CEO Andreas Shiamisis stated that the first cycle, which began 15-20 years ago, has been completed, preparing the next phase. As he said, stability, perseverance and patience are needed in the way we manage natural resources, which – he reminded – still cover 50-60% of energy needs.
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