7.500
%
Neutral
45
mm boe
62
%
Greece has finally moved forward, with Chevron and ExxonMobil securing deepwater blocks south of Crete and the Peloponnese in 2025 and the government openly prioritising domestic production. The Prinos field continues, and the country is becoming a hub for US LNG into south-east Europe. Outlook amended from Neutral because the entry of Chevron and ExxonMobil confirms the government's commitment to exploration. Outlook: Positive. Risk premia lowered from 10% to 7.5%.
October 8, 2026
Europe - Mediterranean
mm bbl
bcf
Southern Europe, bordering the Aegean Sea, Ionian Sea, and the Mediterranean Sea, between Albania and Turkey.
Concession
Greece applies a concessionary regime for petroleum operations. Currently, there are two active licensing rounds for the exploration and exploitation of hydrocarbons offshore and onshore in Greece, the latter being regulated by the terms of a model lease agreement.
Greece is politically stable under Prime Minister Kyriakos Mitsotakis's New Democracy government, and its investment-grade status was restored in 2023. US and UK guidance cite improving bureaucracy and courts, but note that slow judicial processes and permitting persist. Upstream interest has revived, with ExxonMobil, Chevron, Energean and Helleniq Energy taking positions in frontier Ionian and southern Crete blocks in 2025. Greece is also positioning itself as a regional LNG gateway via Revithoussa and the Alexandroupolis FSRU and the 'Vertical Corridor', while domestic production is negligible.
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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