Greece Gains Geopolitical Edge with Chevron Energy Bid

Greece praised the bid arsenic a “new chapter” for the country’s vigor future. File photo. Credit: AMNA

A associated bid by U.S. lipid large Chevron and Greece’s HelleniQ Energy to research for earthy state disconnected the seashore of Crete is simply a important determination that could boost Greece’s vigor independency and fortify its presumption against Turkey.

The bid, submitted conscionable earlier Wednesday’s deadline, targets 4 deep-sea blocks adjacent Crete and the Peloponnese. It is the effect of a tender launched earlier this twelvemonth aft some companies expressed interest.

“Chevron confirms it has submitted bids, jointly with HelleniQ Energy, to Greece’s Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) for 4 unfastened blocks offshore Greece.”

“We are looking guardant to moving with the regulator to successfully implicit the tender valuation processes and we volition stock further details astatine the due time,” Chevron added.

HelleniQ Energy besides released a connection confirming the bid. “This information complements and consolidates HelleniQ Energy’s exploration and accumulation activities successful the area, portion for Chevron this is simply a caller state entry,” the Greek subordinate of the consortium said.

Geopolitical implications of the Chevron bid for Greece

The geopolitical implications of this bid are substantial. Greece sees it arsenic a cardinal vantage successful its long-standing maritime quality with Turkey, which has antecedently promoted a assertion that islands, including Crete, bash not person their ain continental shelf.

“It is the champion impervious of however the authorities perceives the country’s upgrade. We are an important vigor subordinate successful the Mediterranean,” Greek PM Kyriakos Mitsotakis stressed, adding that connected Thursday helium volition conscionable successful Athens with the US Secretary of the Interior, who is liable for vigor portfolios.

Greek Energy Minister Stavros Papastavrou praised the bid arsenic a “new chapter” for the country’s vigor future, highlighting that it lays “solid foundations for its vigor self-sufficiency” and helps leverage Greece’s geopolitical presumption successful the Eastern Mediterranean.

For Chevron, this marks a caller introduction into a state that produces precise small lipid and has focused connected expanding its renewables sector. However, Greece inactive relies heavy connected state for powerfulness generation, making home natural gas resources a strategical priority. This determination aligns with a broader European Union inaugural to trim its dependence connected Russian energy.

The American company, which has a important beingness successful the Eastern Mediterranean, stated that the portion is simply a precedence for its future. HelleniQ Energy noted that this concern “complements and consolidates” its existing exploration efforts.

The country of involvement is besides the tract of a abstracted exploration effort by a consortium led by ExxonMobil, which is presently analyzing seismic data. Major state finds disconnected Egypt person fueled hopes that the Greek waters could besides clasp important reserves.