This decision marks a key milestone in a wider process that, according to the Ministry of Environment and Energy, is expected to lead to an international tender by the end of April and wrap up by August, with the final contract slated for submission to Parliament for ratification.
Speaking at the Delphi Economic Forum, Greece’s Minister of Environment and Energy, Stavros Papastavrou, highlighted the country’s emerging role as a regional hub for stability and a provider of energy security.
He emphasized the importance of building strategic energy partnerships with neighboring countries including Bulgaria, Cyprus, and Israel, aiming to establish a shared framework for regional energy cooperation.
Chevron’s interest in the exploration initiative was described by Papastavrou as a “vote of confidence” in Greece’s energy strategy and geopolitical standing. However, he clarified that the current phase represents a formal expression of interest, and stressed that the government must approach the process in a careful and methodical manner to ensure it concludes within 2025.
According to Papastavrou, an initial ministerial decision was signed last week. Today’s signing will pave the way for the official call for interest to be published in the Official Journal of the European Union, marking the formal beginning of the tender process.
Addressing potential concerns about regional tensions, particularly with Turkey, the minister noted that the offshore blocks designated for exploration are located south of the island of Crete, outside the zones disputed by Ankara under the controversial Turkish-Libyan maritime memorandum. He added that Chevron has taken these geopolitical factors into account and is proceeding with caution.
Papastavrou also spoke about the Great Sea Interconnector, a major infrastructure project that will link Cyprus with the regional power grid, calling it a strategic initiative that will end the island nation’s energy isolation.
Although he did not commit to a specific timeline for restarting construction, he acknowledged the technical and institutional complexity of the project, which requires coordinated action with the European Commission and other stakeholders.
