Greece has named a consortium of U.S. oil major Chevron CVX and Helleniq Energy, the country’s biggest oil refiner, as preferred bidder for gas exploration in southern offshore blocks, the Greek energy ministry said.

Greece, which produces very small volumes of oil and relies on hefty gas imports for power generation and domestic consumption, has been keen to explore for gas and bolster its role as a gas transit route as the European Union aims to phase out Russian energy after Moscow invaded Ukraine.

Greece was now expected to invite the two companies to work together to finalise the draft contracts, the energy ministry said in a statement.

The country has said that the contracts will then need approval from a Greek court of auditors and parliament before the consortium can start seismic research in 2026. It has up to five years to locate potential recoverable deposits and any eventual test drilling would not come before the 2030-2032 period.
Source: Reuters