A consortium led by U.S. oil major Chevron signed exclusive lease agreements on Monday to look for natural gas off southern Greece, expanding the United States' presence in the eastern Mediterranean…
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A consortium led by U.S. oil major Chevron signed exclusive lease agreements on Monday to look for natural gas off southern Greece, expanding the United States' presence in the eastern Mediterranean.
The deal doubles the amount of Greek maritime acreage available for exploration and is the second in months involving a U.S. energy major as the European Union seeks to phase out supplies from Russia and the U.S. seeks to replace them.
Exxon Mobil in November joined Energean and Helleniq to search for gas in another offshore block in Western Greece.
Monday's agreement allows Chevron to lead the search for gas in four deep-sea blocks, south of the Peloponnese peninsula and the island of Crete, stretching across 47,000 square kilometers (18,147 square miles). It follows Chevron and Hellenic Energy, Greece's biggest oil refiner, last year winning an international tender.
Greece, which has no gas production and relies on gas imports for power generation and domestic consumption, has revived its quest for gas exploration after a 2022 energy price shock driven by Russia's invasion of Ukraine.
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