Greece names Chevron, Helleniq Energy consortium as preferred bidder for offshore gas search (updated)

HELLENiQ ENERGY Holdings

24/10/2025 08:09

Chevron, Helleniq Energy to explore for gas in four southern offshore blocks

Greece aims to become key gas transit route as Europe cuts reliance on Russian energy

Seismic research expected to start in 2026, test drilling by 2030-2032

Adds background

ATHENS, Oct 24 (Reuters) - Greece has named a consortium of U.S. oil major Chevron CVX.N and Helleniq Energy, the country's biggest oil refiner, as preferred bidder for gas exploration in southern offshore blocks, the Greek energy ministry said on Friday.

The move comes after Chevron and Helleniq HEPr.AT submitted a joint bid in a Greek tender this year to look for gas in four deep-sea blocks off the Peloponnese peninsula and the island of Crete.

Greece, which produces very small volumes of oil and relies on hefty gas imports for power generation and domestic consumption, has been keen to explore for gas and bolster its role as a gas transit route as the European Union aims to phase out Russian energy after Moscow invaded Ukraine.

Greece was now expected to invite the two companies to work together to finalise the draft contracts, the energy ministry said in a statement.

The country has said that the contracts will then need approval from a Greek court of auditors and parliament before the consortium can start seismic research in 2026. It has up to five years to locate potential recoverable deposits and any eventual test drilling would not come before the 2030-2032 period.

 (Reporting by Angeliki Koutantou, Editing by Louise Heavens)

 ((Email: angeliki.koutantou@tr.com, +30 210 2214608))