Hydrocarbon exploration: What is behind the interest of the American giants

The following is a summary of the interview with Irena Argyri on Naftemporiki TV’s Saturday’s “REVIEW”

Hydrocarbon exploration in the two offshore areas south of Crete and in the southern Ionian Sea has returned to the forefront. The renewed interest of the American energy giants, intensified from the early days of the Trump presidency, reflects a broader strategic priority: the rapid replenishment of natural gas and oil reserves for as long as hydrocarbons remain essential to the global economy.

A key driver behind this momentum is the competition among international companies to supply Central and Eastern Europe, extending all the way to Ukraine. This competition explains the growing activity along the third corridor running from the Mediterranean northward into Europe. There is a broader “wake up call,” influenced by the shift in U.S. administration, moving away from purely idealized “green dreams” and back toward the strategic extraction of hydrocarbons to ensure energy security.

In this context, Greece is now fully aligned with U.S. strategy, which aims to secure and channel natural gas and oil to Central and Eastern Europe through three main routes: Italy, Croatia, and Greece.

Libya and Algeria play a crucial role as energy stabilizers for Southern Europe. American companies are therefore investing heavily not only in Greece but also in Libya, seeking to secure the broader regional supply chain.

Regarding the recently signed agreements between the Greek state and Chevron, the legal framework, established in the early 2010s and based on Norwegian and British standards, is clear. Greece stands to gain a total of 35% of long term revenues through taxes, dividends, and secondary economic activity. 

However, it is premature to discuss the value of the deposits. It is also essential to distinguish between exploration and production: no exploration drilling has taken place yet, and the first drilling south of Crete is not expected before 2031–2033. The research reduces uncertainty, does not prejudge mining or justify premature narratives about future revenues. It should also be made clear that Greece should not expect significantly lower local energy prices; the benefit will come through state revenues from international sales.

During the 2010s, Greece experienced a “freeze” in exploration activity due to the withdrawal of European companies such as Total and Repsol, as well as the emergence of the Turkey–Libya memorandum in 2020. Yet the legal weight of the Turkish Libyan claims is minimal, comparable to a “wedding invitation” submitted to the United Nations, when set against the interests of major players like Chevron and Exxon.

Meanwhile, enthusiasm for the EastMed pipeline has subsided for practical and economic reasons. The primary issue is the lack of sufficient discovered gas to justify such a large investment. It would be akin to building a hotel in an area without tourists or a highway without a lot of cars. Existing pipelines still have available capacity, and Egypt’s two LNG liquefaction plants are operating below potential due to gas shortages. Today, the Southeast Mediterranean represents only about 1.7%–1.8% of global gas potential. To attract major private investors, this share would need to rise to around 5%, which would require rapid development of new fields, including those south of Crete and Libya.

Globally, natural gas prices are unlikely to decrease. They will remain stable or rise, as global demand continues to grow, even if Europe has reduced consumption. 

As for European energy autonomy, Europe must move beyond ideological green traps. Modernizing electrical grids, by at least 30%, is essential to reduce dependence on gas imports. Europe must also advance large scale battery storage and invest in “dry carbon” hydrogen technologies (methane splitting without CO₂ emissions), rather than relying exclusively on 100% green hydrogen, which remains costly and technically challenging.

Naftemporiki TV / REVIEW, Saturday, February 21, 2026

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