The Ministry of Environment and Energy has announced a significant milestone in Greece's pursuit of its national energy resources, reinforcing its commitment to maximizing the benefits for all citizens.

Chevron, the world’s second-largest privately owned American energy company with extensive operations in the hydrocarbons sector, has expressed interest in exploring two additional offshore blocks situated south of Crete, as part of the areas designated by the Greek government in conjunction with an international tender issued in 2014.

The Ministry is set to promptly accept Chevron's interest in the South Crete I and South Crete II areas, with leadership committed to swiftly issuing a decision that will outline the precise coordinates, contract type, and launch an international tender for these explorations.

Importantly, the new areas of interest come with an already approved Strategic Environmental Impact Assessment, further facilitating progress. This announcement follows Chevron’s recent reassertion of interest in the marine area south of the Peloponnese, previously accepted by former Minister of Environment and Energy, Mr. Theodoros Skylakakis.

This development marks a transformative shift for Greece, which will now present to international markets four new areas available for concession: "Block A2," "South of Peloponnese," "South of Crete 1," and "South of Crete 2." Collectively, these regions encompass approximately 47,000 square kilometers, effectively doubling the size of marine areas available for exploration and significantly enhancing the potential for commercially viable discoveries. The pivotal role of the Greek Hydrocarbon and Energy Resources Management Company and its CEO, Mr. Aristofanis Stefatos, cannot be overstated in this endeavor.

Furthermore, Chevron’s presence in the Eastern Mediterranean is notable, with ongoing research activities in Egypt, Israel, and Cyprus. The new exploration areas are adjacent to sites where ExxonMobil is already actively engaged, underscoring a strategic shift among America’s largest oil companies toward increased investment and interest in the Eastern Mediterranean's energy prospects.