Chevron Corporation (NYSE:CVX, ETR:CHV) has unveiled an interest in exploring for hydrocarbons in Greece, the company said on Monday.
A non-binding expression of interest for one open block had been made to Greece's Hellenic Hydrocarbons and Energy Resources Management Company, according to Reuters.
Greece’s energy ministry had signalled Chevron’s plans for exploration southwest of the Peloponnese peninsula to west of the island of Crete earlier on in the day.
“It is a very important development, part of our national strategy for energy independence and reducing energy costs,” the ministry said.
A decision on the exact area of exploration would be made this week, it added, while an international tender was also set to be launched soon.
New exploration would add to Chevron’s nearby existing gas field operations in Israel, alongside its interests in Egypt and Cyprus.
“Chevron has a large and important position in the Eastern Mediterranean, a region which is very much a part of our future and a priority for us,” a Reuters-cited spokesperson said.