The decree paves the way for granting exploration and exploitation rights in the "South Crete 1" and "South Crete 2" zones, both situated in deep waters of the Eastern Mediterranean.
Greece has taken a key step toward opening new offshore energy frontiers, as Energy Minister Stavros Papastavrou signed a ministerial decision defining the exact coordinates of two exploration blocks south of Crete — areas that have drawn the interest of U.S. energy giant Chevron. The decree paves the way for granting exploration and exploitation rights in the "South Crete 1" and "South Crete 2" zones, both situated in deep waters of the Eastern Mediterranean.
This move is part of Greece's renewed push to explore its hydrocarbon potential amid shifting regional energy dynamics. The decision outlines that the rights will be awarded under a lease contract — a model already used in past Greek oil and gas agreements. Several of the defined coordinates carry a legal caveat, marked with an asterisk, indicating that they fall under Greek jurisdiction based on national laws incorporating the principle of the median line, as defined by international maritime law. This legal framework allows Greece to proceed with licensing even in areas lacking bilateral delimitation agreements.
The ministry's plan is to formally launch an international tender by the end of April, following the recent approval of Chevron's expression of interest. According to Papastavrou, the tender process will be fast-tracked, with the winning bidder expected to be selected by August and the agreement brought before Parliament for ratification in 2025.
This accelerated timeline reflects a broader strategic alignment between Greece and Chevron, which has already invested heavily in the Eastern Mediterranean through its operations in Egypt, Israel, and Cyprus. The region is becoming an increasingly important hub in global energy geopolitics, with Chevron also eyeing new prospects in Libya, which recently put 22 onshore and offshore blocks up for auction.
A crucial milestone will be the publication of the tender in the Official Journal of the European Union on July 28. Shortly after, senior Greek officials are expected to travel to Washington, D.C., for high-level meetings with Chevron's leadership to finalize the roadmap for the project.
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