Chevron expresses curiosity in Greek power exploration

ATHENS (Reuters) -Chevron is excited about power exploration in Greece, the U.S. oil producer and the nation’s power ministry mentioned on Monday.

Chevron (NYSE:CVX) has submitted a non-binding expression of curiosity for one open block to Greece’s Hellenic Hydrocarbons and Power Assets Administration Firm (HEREMA), the corporate confirmed.

The federal government welcomed Chevron’s expression of curiosity. A call will likely be issued this week on the precise space of exploration and a global tender will likely be launched quickly, the ministry mentioned in an announcement.

“It’s a essential growth, a part of our nationwide technique for power independence and lowering power prices,” it mentioned.

Chevron operates fuel fields in Israel and has pursuits in Egypt and Cyprus.

“Chevron has a big and essential place within the Jap Mediterranean, a area which could be very a lot part of our future and a precedence for us,” an organization spokesperson mentioned.

The realm being checked out ranges from southwest of the Peloponnese peninsula to west of the island of Crete, the Greek ministry mentioned.

With the brand new tender, the analysis space for exploration will ultimately be elevated by 25%, or by 11,000 sq. kilometres (4,250 sq. miles), authorities spokesperson Pavlos Marinakis mentioned.

The European Union has sought methods to cut back its reliance on Russian fuel following Russia’s invasion of Ukraine. That has elevated the necessity for Greece to faucet home assets.

Greece, which views fuel as a transition gasoline because it ramps up its renewable power capability, has produced small portions of oil previously and has tried to discover its hydrocarbon potential.

In October, the nation mentioned that an ExxonMobil-led consortium would transfer to the second section of seismic analysis for fuel exploration in a block off Crete.

Within the meantime, some already licensed offshore areas within the Ionian Sea can be launched to develop a deliberate marine park, the ministry mentioned on Monday, including that an settlement had already been reached with the licensees on the difficulty.

Greece, which in 2020 signed an settlement on maritime boundaries with Italy, goals to create two marine parks within the Ionian and Aegean seas, for the safety of marine biodiversity, sea mammals and seabirds.

A authorities official informed Reuters that environmental research on the Ionian marine park – a primary step in defining its boundaries – can be prepared this month.