Greece on Monday signed lease contracts for four offshore areas off Crete and the Peloponnese with the joint venture of Chevron and Helleniq Energy, which was named a preferred investor in October.

The agreement, signed at Maximos Mansion, comes as Athens seeks a central role in the emerging US-shaped energy architecture in Europe and the Eastern Mediterranean.

With the involvement of the two largest US oil groups in Greece’s hydrocarbon sector, ExxonMobil and Chevron, and the country’s active participation in reengineering natural gas flows through the Vertical Corridor, Greece is positioning itself as a strategic energy hub in the region. The agreements cover the maritime concessions South Peloponnese, A2, South Crete I, and South Crete II.

According to Kathimerini, the minimum guaranteed costs for the first phase, consisting of two-dimensional seismic surveys, exceed €20 million. The second phase, involving 3D surveys, is estimated at €24 million, while the third phase of drilling anticipates an investment of €100 million.

Seismic surveys are scheduled to begin late this year, with Chevron chartering a vessel to cover 47,000 square kilometers.

Source: Ekathimerini.com