Athens, February 15, 2026 – Greece is poised to take a major step forward in its offshore hydrocarbon exploration ambitions tomorrow, as the government prepares to sign four concession contracts with a consortium led by U.S. energy giant Chevron and Greek partner HELLENiQ ENERGY.
The historic signing ceremony is scheduled for Monday, February 16, 2026, at 12:00 noon at the Acropolis Museum in Athens, according to multiple Greek media reports and government sources. The event will be attended by high-level representatives, including Environment and Energy Minister Stavros Papastavrou, senior Chevron executives (with Vice President Gavin Lewis expected to sign on behalf of the operator), HELLENiQ ENERGY CEO Andreas Siamisis, HEREMA (Hellenic Hydrocarbons and Energy Resources Management Company) CEO Aristofanis Stefatos, and reportedly Prime Minister Kyriakos Mitsotakis alongside the U.S. Ambassador to Greece Kimberly Guilfoyle.
Key Details of the Agreements
The contracts grant exploration and potential exploitation rights for four deepwater offshore blocks in high-potential areas of the Eastern Mediterranean:
- South Peloponnese
- A2 (southwest of the Peloponnese)
- South of Crete I
- South of Crete II
These blocks, covering a combined area of approximately 47,000 square kilometers, were awarded following an international tender launched in 2025 by HEREMA. The Chevron-HELLENiQ ENERGY joint venture was the sole bidder and preferred applicant, marking Chevron’s official entry into Greece’s upstream sector and accelerating exploration in regions with promising geological indicators for natural gas.
Minister Papastavrou has described the deal as a “record-time” achievement that strengthens Greece’s energy independence, attracts major foreign investment, and enhances the country’s geopolitical role in the region amid Europe’s efforts to diversify away from Russian supplies.
Timeline and Next Steps
- Immediate Post-Signing: The agreements will be submitted swiftly to the Greek Parliament for ratification (expected in the coming weeks or months).
- Exploration Phase: Upon ratification, the consortium plans to launch geophysical and 3D seismic surveys in the second half of 2026 (potentially late 2026 or early 2027), focusing especially on the high-interest areas south of Crete. Specialized research vessels will conduct data acquisition to map potential structures.
- Longer-Term Outlook: If viable prospects are identified, exploratory drilling could follow in the late 2020s to early 2030s. Commercial production, if confirmed, would further bolster Greece’s position as a potential regional energy hub.
This development builds on parallel efforts, including ExxonMobil-led blocks west and southwest of Crete (in partnership with HELLENiQ ENERGY), and underscores renewed momentum in Greece’s hydrocarbon strategy after years of pauses.
The symbolic choice of the Acropolis Museum for the ceremony highlights the national significance of the agreements, positioning them as a milestone for energy security, economic growth, and strategic partnerships in a volatile global energy landscape.