In the presence of Prime Minister Kyriakos Mitsotakis, the lease agreements between the Hellenic Republic and the Chevron – HELLENiQ ENERGY consortium were signed at Maximos Mansion, granting exclusive rights for the exploration and exploitation of hydrocarbons in maritime areas to the south of the Peloponnese and Crete.
At the beginning of the meeting, the following statements were made by the Prime Minister, the Minister of Environment and Energy Stavros Papastavrou, the United States Ambassador to Greece Kimberly Guilfoyle, the Vice President of Global New Ventures at Chevron, Gavin Lewis, and the Chief Executive Officer of HELLENiQ ENERGY Andreas Shiamishis:
Kyriakos Mitsotakis: Welcome, we meet here today to formally welcome Chevron to Greece. When we came into office back in 2019, we inherited a lackluster exploration programme. The strategy was always there, but it lacked real vigour, and very little was actually happening. And we changed that from day one. We moved to ratify agreements that had been signed in the past but had not really moved forward. We conducted a very extensive seismic survey, more seismic in one year than had been done in a decade, to better map the prospects we have.
A few months ago at P-TEC, which was a big success, as you remember, Madame Ambassador, we announced that we would proceed with the first exploration well drilled in Greece in more than 40 years. Today, we take one more, a big step forward. Actually, I would say it’s probably more of a leap. The four blocks that Chevron and Hellenic Energy are entering, are covering a massive area. When you look at our exploration programme, today we have about 48,000 square kilometres. And after this agreement, we will have 94,000 square kilometres at the stroke of a pen. The area available for exploration in Greece will almost double.
So this is not just one more agreement, this is a major boost, and it is a critical component of our strategy.
Greece very well understands the role that hydrocarbons play in our system -and will continue to play for years to come. And this is why we have heavily invested in gas pipelines, in compression stations, in LNG terminals, in gas-fired power plants. And this investment comes alongside other important strategic bets. We, of course, continue to heavily invest in renewables to explore our solar and and our wind resources, which are significant. We used to be a net electricity importer, and now we are a major electricity exporter.
And at the same time, the historic decision taken by the European Union to phase out Russian gas offers significant new opportunities for the country. Greece has ready infrastructure to help our neighbours access gas through new routes. We strongly believe in the Vertical Corridor as an alternative to Russian gas. And as Europe eliminates the supplies of Russian gas, this corridor will only grow in significance. In geopolitical, but also in economic importance.
We also want to produce our own gas. Europe needs it, and we want to supply it. So we’re very happy to welcome Chevron to Greece. You’re a company with a very long history in hydrocarbons. You’re a company that knows the Eastern Med quite well. And of course, you are an American company, and your entry into Greece is one more proof, Madame Ambassador, of the very strong strategic relationship between Greece and the United States, a relationship that is getting stronger by the day.
Exploration is uncertain. We all understand this. We won’t know for sure what is there until we try, but we do believe in this mission, and we are delighted to have you both, both Chevron and HELLENiQ ENERGY, our national energy champion, here as a partners. Welcome and good luck.
Stavros Papastavrou: Thank you, Prime Minister. Today’s signing marks a strategic milestone, and we’re optimistic that it has the potential to prove historic for Greece’s energy policy and energy security, and therefore for Europe’s energy security.
Prime Minister, you have consistently advocated for energy realism in Europe, a principle we have actively pursued in Greece. We have invested in natural gas infrastructure, recognise the role that hydrocarbons play in our energy system, and will continue to play in the years to come.
Today, we inaugurate a new era of national confidence and resolve. For the very first time, we are exploring the potential natural resources south of Crete, positioning Greece as a prospective natural gas producer for the benefit of our country, our citizens, and Europe. We would like to sincerely thank Chevron and HELLENiQ ENERGY, not only for its trust and decision to invest in Greece, but also the institutional and professional manner in which it handled every stage of this process.
From our very first call last March, to our visit to your headquarters in early May with Nikos and Aris, and up to today’s signing, we remain fully committed to advancing this endeavour, fully aware of its importance. Greece is and will remain a reliable partner. We move forward with responsibility and determination. Thank you.
Kimberly Guilfoyle: Thank you so much. Thank you, Prime Minister, for your stewardship, your leadership, and being so committed to making sure that the bilateral relationship between the United States and Greece remains strong, vibrant, and as you said, increasing every day. It has been a pleasure to work with Mr. Papastavrou, who’s been an amazing partner, working in cooperation throughout P-TEC, and working with Chevron and HELLENiQ ENERGY, true partners, leaders in the industry.
Today is a most auspicious day for our countries, for the relationship that we have together, for what we’re going to do in the future together. Under the leadership of President Trump, we have made it a clear priority to back our strategic ally in this very important geopolitical region, and that is Greece, who has been steadfast and has every time exceeded the expectations. We pledge our commitment to you today, tomorrow, and going forward for centuries to come.
We look forward to this. This is extremely important. It’s historic. As the Prime Minister mentioned, in 40 years, this hasn’t occurred, and now we’re doubling it, which is exactly what we intended to do. It’s wonderful to be at this table to celebrate this moment. And it’s a strong signal to the world that Greece is going to remain a dominant energy power in this region for centuries to come. Thank you.
Gavin Lewis: Prime Minister Mitsotakis, it’s an honour and a privilege to be here at this auspicious occasion. Adding these four blocks in this agreement adds an exciting opportunity to our portfolio, it’s an exciting milestone for exploration in Greece.
I’d like to thank yourself, the minister and Herema and our partner, HELLENiQ ENERGY, for all the help to get us to this point. This feels like the finishing line, but it’s really the starting position. So we’re very excited. Thank you very much.
Andreas Shiamishis: First of all, welcome to Athens. Thank you very much for this opportunity. It’s a milestone for us as a company and as a country. As the Prime Minister said, we’re doubling the exploration acreage in Greece, which is a big thing for us. It’s really a big day for us as well.
I still recall back in 2020, when we met first time at the Herema offices, he said, “Well, what are we doing with upstream? Are we actually doing something? Do we want to do something?” Here we are.
When everyone is talking about energy crisis and the need to develop energy security and reduce dependence on a number of sources, I think Greece and us as a company have been responsible to take the steps needed to develop it. Because talking about this is not enough.
HELLENiQ ENERGY, as a company who knows the local market very well, is very pleased and very proud to be partnering up with Chevron. They bring the international expertise, the know-how to develop in a very responsible way our opportunities here. Let’s hope that we have a lot more to celebrate in the coming years.
