Greek Reporter - By Tasos Kokkinidis - February 16, 2026 - Greece Signs Hydrocarbon Exploration Agreements With Chevron–Helleniq Energy

 Greece Signs Hydrocarbon Exploration Agreements With Chevron–Helleniq Energy

ByTasos Kokkinidis

February 16, 2026

Greek officials sign the agreement with Chevron and Helleniq Energy as PM Mitsotakis stands in the ceremony. Credit: AMNA/Orestis Panagiotou

On Monday, Greece signed concession agreements for four offshore blocks located south of Crete and the Peloponnese. The contracts were awarded to a consortium comprising Chevron and Helleniq Energy.

The signing comes 18 months after the consortium’s initial expression of interest and less than a year after the formal call for bids was published in the Government Gazette.

Surveys off Greece by Chevron and Helleniq Energy to start by the end of 2026

US Ambassador Kimberly Guilfoyle was present at the signing ceremony between Greece and the American giant. Credit: AMNA/Orestis Panagiotou

The four exploration areas span a total of 47,000 square kilometers, with seismic surveys scheduled to begin before year-end. These surveys may be coordinated with other regional explorations following recent interest from a major seismic services firm.

Per standard industry practice, if these surveys identify viable targets, an exploratory drilling campaign will follow to confirm the scale of any deposits.

A “giant leap” for energy security in Greece and Europe

Speaking at the signing ceremony, Prime Minister Kyriakos Mitsotakis characterized the agreement as a “giant leap forward” for the nation’s energy sovereignty.

Mitsotakis emphasized that these offshore surveys are part of a broader infrastructure network, including LNG terminals, pipelines, and processing plants. He highlighted Greece’s transition into a net exporter of electricity and its critical role in European energy security:

• Ending Russian Dependence: The Prime Minister underscored that the EU’s historic decision to pivot away from Russian gas creates new opportunities for Greece.
• The Vertical Corridor: He pointed to Greece’s ready infrastructure as a gateway for neighboring countries, stating that the Vertical Corridor will serve as a robust alternative to Russian gas, providing both geopolitical stability and economic growth.
• A Multifaceted Strategy: The Prime Minister concluded by noting that these investments in hydrocarbons, combined with strategic bets in renewables and transit, ensure Greece’s role as a cornerstone of the Mediterranean energy map.

Gas exploration in the Ionian Sea

Meanwhile, Block 2 in the Ionian Sea—operated by ExxonMobil in partnership with Energean and Helleniq Energy—is already moving toward the drilling stage, with a rig expected to arrive in early 2027. ExxonMobil and Helleniq Energy also hold exploration rights for two additional large blocks west and southwest of Crete.

Greece says that these hydrocarbon initiatives are expected to yield significant geopolitical and economic dividends.

On average, approximately 40% of the total value generated returns to the Greek state through various mechanisms, and any major discovery would substantially reduce the national trade deficit.

Related: Greece Gains Geopolitical Edge With Chevron Energy Bid