Greece is moving to accelerate long-stalled offshore hydrocarbon exploration, with both government and industry players signaling tighter schedules for the next key steps. The Ministry of Environment and Energy is working to complete parliamentary approval of four offshore concession agreements involving Chevron within January, a move that would unlock the next phase of activity in the country’s hydrocarbons program.
At the same time, Energean aims to advance its drilling plans in the northwest Ionian Sea. If regulatory procedures proceed faster than in previous cycles, the company believes exploratory drilling could begin in the final months of 2026, marking Greece’s first offshore exploratory well in roughly 40 years.
Under a favorable scenario, and assuming smoother coordination across state authorities, seismic surveys led by Chevron south of Crete could start within about a year. These surveys would represent the first concrete field activity under the newly ratified concessions, setting the groundwork for future drilling decisions. Energean, the exploration-phase operator of Block 2, has indicated it is prepared to carry out drilling in Q4 2026, or at the latest early 2027. The company notes that winter conditions typically bring lower maritime traffic, which simplifies offshore operations. However, this timeline depends heavily on regulatory clearance, including the approval of the Environmental Impact Study for Block 2, which must be cleared by autumn. Delays caused by appeals, public objections, or administrative bottlenecks could push the schedule back.
For Chevron’s consortium, state officials expect seismic research vessels to start collecting data south of Crete toward the end of 2026. Initial surveys are planned for the South of Crete I and South of Crete II blocks, with work in the South Peloponnese and A2 areas expected to follow later.
Chevron’s Greek partner Helleniq Energy is also pressing to move faster, seeking to advance the next operational phase of exploration as early as H2 2026. Progress will ultimately depend on Chevron’s final investment decisions and the pace of state approvals. If these timelines hold, Greece could enter a decisive phase in offshore exploration within two years, transitioning from licensing and studies to concrete offshore activity for the first time in decades.