Chevron and ExxonMobil Eye Greek Hydrocarbon Potential

Chevron and ExxonMobil are focusing on hydrocarbon exploration in Greek waters, particularly near Crete. Chevron has shown interest in expanding its exploration in the region, following gas findings in Egypt that suggest potential reserves. Greece seeks to reduce its dependence on Russian gas.

Chevron has made its second move this year in Greek hydrocarbon exploration, expressing interest in areas off Crete, the Greek energy ministry announced on Wednesday. In a step that may significantly expand energy possibilities, Chevron focuses on two blocks south of Crete, which could add 47,000 square kilometers to exploration efforts. This development follows successful initiatives in Egypt, inspiring Greece to tap into its potential reserves.

The acceptance of Chevron's proposition by Greece sets the stage for imminent decisions on precise exploration coordinates and the launch of an international tender. This expansion colocates with ExxonMobil's existing evaluations in nearby territories, doubling potential exploration zones in Greek waters for energy discovery.

Greece's initiative to reduce reliance on Russian gas has initiated new tender bids for gas exploration, following Chevron's interests, with hopes of concluding the process within the year. The country's renewable energy sector continues to thrive, yet finding new domestic resources remains crucial amid broader European efforts to transition from Russian energy dependence.

(With inputs from agencies.)