Greece is on the brink of a groundbreaking offshore gas exploration deal with Chevron and Helleniq Energy, a move that could significantly boost the country's energy supply and alleviate concerns about energy security. But here's where it gets controversial: the agreement, once finalized, will need to be approved by Greece's Parliament and a Greek court of auditors, a process that could take time and potentially face opposition. The oil companies will then have up to five years to locate potential reserves, with any test drilling not set to take place before 2030. This is the part most people miss: while Greece has been hoping that its waters could hold giant natural gas resources, similar to the ones discovered in the Eastern Mediterranean offshore Egypt and Israel, the process of seismic surveys and exploration is complex and time-consuming. In October of 2024, a consortium led by ExxonMobil successfully completed the first exploration phase southwest of Crete and decided to proceed with the second exploration stage. The second exploration phase is expected to last three years, and its minimum requirement pertains to completing the collection and assessment of 3D seismic data. Crude Oil Futures Rise on Supply Data and OPEC+ Outlook, Guyana Gains French Support Amid U.S. Pressure on Venezuela, Australia's Coal State Ditches Plan to Shut Coal Power Plants. These are just a few of the many thought-provoking stories that Oilprice.com has to offer. Don't miss out on the latest energy news and analysis. Ask yourself: do you agree with Greece's decision to pursue offshore gas exploration, or do you think it's a risky move that could backfire? Share your thoughts in the comments below.
