Greece has taken a further step toward expanding offshore hydrocarbon exploration, as the government on Monday submitted to parliament for ratification a series of lease agreements with Chevron Greece and Helleniq Upstream. The contracts cover exploration and production rights in four offshore blocks located south of the Peloponnese and south of Crete, two areas regarded as having potential natural gas reserves.
The legislation, introduced by the Ministry of Environment and Energy, is expected to be examined by parliament’s Committee on Production and Trade on Thursday, 5 March 2026. According to the bill’s explanatory memorandum, the agreements are intended to strengthen Greece’s role as an emerging energy hub in the Eastern Mediterranean, while enhancing national energy security and reinforcing the country’s geostrategic position in the region.
The bill formally ratifies separate lease agreements between the Greek state and Chevron subsidiaries, in partnership with Helleniq Upstream, granting the companies the right to explore for and exploit hydrocarbons in the designated offshore areas. Government officials argue that the move will allow Greece to tap into prospective natural gas resources at a time when energy diversification and regional stability remain key priorities for Europe.
