07:38 AM EDT, 10/10/2025 (MT Newswires) -- Chevron ( CVX ) and the Greek government are in talks to finalize an offshore energy exploration contract, Reuters reported Friday, citing an interview between the country's Energy Minister Stavros Papastavrou and Greek television Action24.

Chevron ( CVX ) and Greek oil refiner Helleniq submitted a joint bid to explore gas in four deep-sea blocks off the Peloponnese peninsula and the island of Crete, the minister said, according to the report.

Papastavrou said they aim to finalize the contract this year, following which will require approval from a Greek court of auditors and the parliament, the report said.

On receiving approval, Chevron ( CVX ) can begin seismic research in 2026, and it has up to five years to find potential recoverable deposits, Papastavrou said.

Any eventual test drilling would not come before the 2030-2032 period, the report added.

Chevron ( CVX ) did not immediately respond to an MT Newswires request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)