Chevron-led consortium signs contracts for gas exploration off Greece [BNN Bloomberg (Canada)]
Exxon Mobil Corporation (XOM)
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Source: BNN Bloomberg
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 - which also plans to expand production in Israel - 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 Helleniq Energy, Greece's biggest oil refiner, last year winning an international tender. Greece seeks to be a gateway for U.S. gas 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 Ukr
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