Greece is set to sign contracts with the Chevron-Helleniq Energy consortium on Monday, 16 February 2026, to start hydrocarbon exploration in the southern Peloponnese, southern Crete, and the A2 offshore blocks. Officials say the agreements will mark the beginning of a major energy push, strengthening Greece’s role in regional energy markets.
The government highlights the country’s vertical gas corridor as a strategic advantage. The corridor, which includes LNG reception and regasification facilities and interconnected pipelines to Southeast Europe, could channel potential gas discoveries to international markets. It may also replace Russian gas, which European Union regulations will ban from entering the bloc by the end of 2027.
Key milestones include starting seismic surveys in all four blocks by the end of 2026 and drilling a research well in “Block 2” in the Ionian Sea through the ExxonMobil-Energean-Helleniq Energy consortium. This will be Greece’s first deepwater well in four decades.
Greece also plans to advance the vertical gas corridor after a 24 February 2026 meeting in Washington with regional countries and European Commission representatives. The meeting aims to remove barriers preventing large-scale gas transport through Greece to northern Europe and Ukraine. Officials say reducing transport costs and enforcing the EU’s Russian gas ban will provide decisive momentum for the corridor, boosting energy security and investment in the region.
