By Michalis Mastorakis

Greek hydrocarbons are expected to dominate energy news, with a first key "milestone" to be marked at the dawn of the year with the ratification of the contract with Chevron by the Greek Parliament.

In particular, as the Minister of Environment and Energy, Stavros Papastavrou, among others, recently stated, the agreement with Chevron is before the Court of Auditors, with the aim of having the contract signed "by the end of January" and submitted to Parliament for ratification, in order to begin seismic surveys south of Crete in 2026.

It is recalled that Chevron, together with partner HELLENiQ ENERGY, has won the offshore blocks "South of Crete I" and "South of Crete II," "South Peloponnese," and "A2."

In the case of Exxon Mobil, the next step concerns the first exploratory drilling in Greek territorial waters after 40 years, in the now well-known Block 2 in the Ionian Sea.

The timetables remain clear, with Chevron planning to start seismic surveys in the fall of 2026 south of Crete, that is, in two of the four plots it is securing for exploration through the tender (the other two being south of the Peloponnese), and Exxon Mobil making all the necessary preparations in order to carry out exploratory drilling together with Energean (as the scheme's operator) and HELLENiQ Energy within the next 12 to 15 months, that is, in early 2027.

Critical "points"

According to competent sources who spoke to Naftemporiki, the exploitation of the generally positive situation is inextricably linked to the determination of the Greek state to facilitate the critical next steps concerning licensing, environmental issues, and the development of the necessary infrastructure that will support offshore activities.

Although developments have proceeded according to schedule so far, with the government and the political leadership of the Ministry of Economic Affairs and Energy honoring their commitments to advance the process, however, as the same sources pointed out, the three aforementioned conditions will determine the overall "race" and, consequently, the persistence and patience that companies will be willing to demonstrate in order to assess the hidden wealth of the Greek seas. The peculiarity lies in the fact that these are global portfolios that "by necessity" orient themselves toward areas where greater prospects and greater returns are identified, always in correlation with and in proportion to the level of risk involved each time.

In this light, and given the "unknown" nature of the issue when discussing hydrocarbon exploration or even the outcome that an exploratory drilling may yield, market sources focus on the need for coordinated steps that will ensure the success of the plan, at least with regard to the immediate next stages, with subsequent steps to be judged by the results of exploration rather than by "backtracking" and "delays" in line with past practices.