Gas interest off Crete kills Turkish-Libyan accord EU once denounced as “illegal"

Chevron’s interest in gas exploration off Crete has delivered a legal victory for international law in the east Mediterranean

(Photo: John T Psaropoulos)

Last January, US oil major Chevron expressed interest in searching for undersea oil and gas in the South Peloponnese bloc. Last week, it additionally expressed interest in exploring in two blocks adjacent to concessions already given to ExxonMobil, South Crete I and South Crete II, doubling the area under exploration by US oil majors.

The area in which Chevron is interested contains nine promising formations that may hold gas reserves. Exploration is likely to go on for years before any decision is made to invest in extraction, and extraction may not ultimately happen. What matters now to the Greeks is that Chevron’s interest underscores its recognition of Greece’s Exclusive Economic Zone south of Crete.