U.S. oil producer Chevron has expressed interest in exploring for hydrocarbons southwest of the Peloponnese peninsula in Greece, the Greek energy ministry said on Monday.
The ministry’s statement added that it would issue a decision this week on the exact area of exploration and would launch an international tender soon.
“It is a very important development, part of our national strategy for energy independence and reducing energy costs,” the ministry said.
Russia’s invasion of Ukraine and fears over gas supplies in Europe have forced the European Union to seek ways to reduce reliance on Russian gas. That has increased the need for Greece to tap domestic resources.
Greece, which views gas as a transition fuel as it ramps up renewables capacity, has produced small quantities of oil in the past and has attempted to explore its hydrocarbon potential.
(Reporting by Angeliki Koutantou Writing by Renee Maltezou Editing by David Goodman )