Greece signs hydrocarbon exploration agreements with Chevron and HelleniQ Energy

On Monday, February 16, 2026, the Greek government signed lease agreements with the Chevron-HelleniQ Energy consortium for hydrocarbon exploration and exploitation. The ceremony took place at the Maximos Mansion in the presence of Prime Minister Kyriakos Mitsotakis. The contracts cover four offshore blocks located south of the Peloponnese and Crete, totaling approximately 47,000 square kilometers. Key signatories included Environment and Energy Minister Stavros Papastavrou, Chevron Vice President Gavin Lewis, and HelleniQ Energy CEO Andreas Siamisis. Seismic surveys are scheduled to commence by the end of 2026 to evaluate the commercial viability of potential deposits. These efforts align with the Vertical Gas Corridor project, which aims to facilitate gas transport to Southeastern Europe and Ukraine. The initiative is part of a broader strategy to replace Russian gas imports by 2027 and establish Greece as a regional energy hub. Additionally, separate drilling by the ExxonMobil-led consortium in the Ionian Sea is expected to mark the first such activity in Greece in 40 years.