Athens: Chevron and Helleniq Energy are nearing a final agreement with the Greek government to explore offshore natural gas reserves around the Peloponnese peninsula and Crete. Greece's Energy Minister, Theodore Papastavrou, announced that the deal is expected to be finalized before the end of the year.According to State Information Service Egypt, the agreement encompasses four deepwater blocks located south of Crete and the Peloponnese. This follows a joint bid submitted by Chevron and Helleniq Energy earlier in the year. The process requires the endorsement of the Court of Auditors and parliamentary approval before seismic surveys can begin, which are projected for 2026.Once approved, the consortium will have up to five years to identify potentially recoverable reserves. Should commercial prospects be confirmed, test drilling is anticipated to occur between 2030 and 2032. Greece, currently reliant on gas imports, aims to bolster its role as a regional gas hub and decrease its dependency on Russian energ y, in line with the European Union's energy diversification strategy post-Russia's invasion of Ukraine.Chevron, a major global energy player, initially showed interest in exploring hydrocarbons southwest of the Peloponnese in January 2025.