Chevron Corporation (CVX.US) wishes to explore hydrocarbon compounds in Greece, to support energy independence strategy.

The Greek Ministry of Energy stated on Monday that the US oil producer Chevron Corporation (CVX.US) has expressed interest in exploring hydrocarbon compounds in the southwestern Peloponnese region of Greece. The ministry's statement also mentioned that a decision on the exact exploration areas will be made this week, and an international tender will be launched soon. "This is a very important development and part of our national strategy for energy independence and reducing energy costs." The conflict between Russia and Ukraine, as well as concerns about the supply of natural gas to Europe, have forced the EU to find ways to reduce its dependence on Russian natural gas. This has increased the demand for Greece to utilize its domestic resources. In the process of increasing renewable energy capacity, Greece sees natural gas as a transitional fuel. The country has previously produced small amounts of oil and is exploring the potential of its hydrocarbon compounds.