US oil giant Chevron, which claims an area of 10,211 square kilometers in the southern Peloponnese for hydrocarbon surveying, has in its hands an analysis conducted by Hellenic Hydrocarbons and Energy Resources Management Company (EDEYEP) in 2024, concerning 20 drilling wells (possible targets) in the wider southern Ionian region.
This new element emerges from the text of the invitation to submit bids for the granting of hydrocarbon exploration and exploitation licenses in the marine areas “A2” and “southern Peloponnese,” which was approved on Monday through a decision by the minister of environment and energy, Thodoros Skylakakis, declaring the start of the international tender for the relevant concessions.
From the content of the invitation, we also learn that Chevron’s request for the “southern Peloponnese” area was submitted to EDEYEP on August 22, 2024 and from there to the ministry on August 26, which means that at least four months passed before the ministry accepted it on January 20, the day of President Trump’s inauguration in the USA.
Among the conditions for participation in the international tender, the invitation for expression of interest also mentions the “proven purchase of the part of the EDEYEP analysis (2024) concerning 20 drillings in the wider southern Ionian region for 35,000 euros.”
Those in the know take it for granted that the analysis has already been purchased by Chevron and that is why it is set as a condition for other investors. Interested parties may submit an application for participation claiming one of the two areas within 90 days of the publication of the invitation in the Official Gazzete of the European Union.
An evaluation will follow within 60 days and a lease agreement will be concluded within 60 days of the completion of the evaluation. The exploration stage will last up to seven years and may be extended, in accordance with the Hydrocarbons Law, and is divided into three phases.
With the declaration of the discovery of a commercially exploitable deposit, the exploitation stage begins, which lasts 25 years with the possibility of extension for two periods of 5 years each. The lessee is subject to a special income tax at a rate of 20%, as well as a regional tax at a rate of 5%. Capital expenditures for research and development are depreciated at a rate of 40% to 70%.
The lease rate will range from a minimum of 4% of the hydrocarbons produced and saved in cash or in kind, depending on the cumulative gross revenues.
Notably, the invitation excludes any Russian participation, direct or indirect.