Chevron to sign offshore exploration agreement with Greece on Monday

Chevron Corp. is set to sign agreements on Monday, February 16, granting the U.S. energy giant rights to explore and potentially exploit hydrocarbons in four offshore blocks in Greece. The contracts will be signed at noon at the Acropolis Museum in Athens, marking one of the most significant entries by an American energy major into Greece’s upstream sector in recent years.

The agreements follow Chevron’s victory last October in a tender conducted by the Hellenic Hydrocarbons and Energy Resources Management Company, according to reports. Environment and Energy Minister Stavros Papastavrou and HEREMA CEO Aris Stefatos will sign on behalf of the Greek state, while Chevron will be represented by Gavin Lewis, vice president of Global New Ventures, alongside HELLENiQ ENERGY CEO Andreas Shiamishis.

Four Offshore Blocks Covering 47,000 Square Kilometers

Under the hydrocarbon exploration agreements, Chevron will explore for potential natural gas deposits in the offshore blocks “South of the Peloponnese,” “A2,” “South of Crete I” and “South of Crete II.” The company was the sole bidder for the four concessions, partnering with minority stakeholder HELLENiQ ENERGY. The combined area spans roughly 47,000 square kilometers.

Two of the areas border blocks already held by ExxonMobil west and southwest of Crete, underscoring the growing presence of U.S. companies in Greek offshore exploration. Before deploying a specialized seismic vessel, the contracts must be ratified by Parliament and regulatory approvals obtained, with surveys expected toward the end of 2026 and into early 2027.

Years of Diplomatic Efforts Behind the Deal

According to sources, efforts to bring Chevron into Greece date back to 2022, when exploration activity was designated a project of strategic importance by the Greek prime minister. HEREMA’s Stefatos held meetings in Washington with Chevron executives and members of Congress as Athens sought to attract major U.S. players.

In spring 2025, Papastavrou, accompanied by Deputy Energy Minister Nikos Tsafos and Stefatos, visited Chevron’s headquarters in Texas. The Greek side reportedly pledged to expedite regulatory decisions and the tender process, seeking corresponding speed in the company’s exploration planning.

Energy Cooperation as Geopolitical Strategy

Chevron’s entry comes amid intensifying energy coordination between Athens and Washington. Over the past year, government officials have exchanged frequent visits between the two capitals, with U.S. Interior Secretary Doug Burgum and Energy Secretary Chris Wright traveling to Greece to emphasize strategic cooperation.

Analysts say Athens views the deepening energy alignment with the United States as carrying political weight beyond hydrocarbons and LNG. Greek officials are reportedly seeking a high-level symbolic gesture from the White House, potentially a visit to Athens by President Donald Trump, especially following the announcement of his trip to Ankara in July. U.S. Ambassador to Greece Kimberly Guilfoyle has publicly hinted at such a possibility.

The Vertical Corridor and U.S. LNG Exports

Beyond upstream exploration, the White House has prioritized expanding U.S. liquefied natural gas exports to Europe. Greece is central to that effort through the Vertical Corridor, a pipeline network linking Greece, Bulgaria, Romania, Moldova and Ukraine.

The route begins at Greece’s national gas transmission system, with entry points suitable for U.S. LNG at the DESFA terminal in Revithoussa and the floating storage and regasification unit in Alexandroupoli. The European Union’s decision to ban Russian natural gas imports from 2027, combined with Ukraine’s significant fuel needs, has opened market space for American LNG.

Meanwhile, agreements signed in November by ATLANTIC, a joint venture of AKTOR and DEPA Commercial, aim to channel American LNG through Greece and northward via the Vertical Corridor. On February 24, U.S. Energy Secretary Chris Wright is set to host a meeting in Washington with energy ministers from the Vertical Corridor countries and companies involved in LNG transit.

Eastern Mediterranean Energy Architecture

The Chevron hydrocarbon exploration signing also aligns with a broader U.S. legislative initiative. A bill titled the “Eastern Mediterranean Gateway Act” has advanced in the U.S. Congress, designating Greece, Cyprus, Israel and Egypt as strategic partners in the region’s emerging energy architecture.

The legislation would expand the authority of U.S. secretaries of state and energy to strengthen energy security and defense cooperation in the Eastern Mediterranean. The region is seen as a potential future supply source for Europe once Russian gas flows cease.

For Athens, the objective extends beyond hydrocarbons: to secure U.S. capital and reinforce security assurances while tying Greece more tightly to Washington’s energy agenda. In a region shaped by shifting calculations and President Trump’s transactional approach to alliances, Greek officials appear to view energy cooperation as both investment policy and geopolitical insurance.

Following Monday’s signing ceremony, the contracts will proceed to parliamentary ratification, though the timeline for final regulatory approvals remains uncertain. Additional LNG import agreements could be announced during the February 24 meeting in Washington, according to ATLANTIC CEO Alexandros Exarchou.