Chevron has submitted a request to acquire a 70% interest in an oil and gas exploration block situated offshore southwest Greece. This move represents another significant step in the U.S. supermajor’s ongoing expansion within the Eastern Mediterranean energy landscape. The concession rights for this Greek offshore exploration block are currently fully held by Helleniq Energy, as announced by the Greek Energy Ministry.
The collaboration between Chevron and Helleniq Energy is not new. The two entities are already partners in multiple offshore exploration blocks recently awarded by Greece. With this latest application for a Greek offshore exploration block, Chevron intends to further solidify its operational presence and assume the role of operator for an additional exploration area.
Stavros Papastavrou, Greece’s Minister of Energy and Environment, said, “Chevron’s decision to participate in yet another offshore area of our country together with Helleniq Energy is a significant milestone in the national effort to develop the oil and gas sector.”
“Greece is constantly strengthening its position on the energy map of the Eastern Mediterranean,” he added.
Earlier this year, a consortium led by Chevron, which includes Helleniq Energy, finalized lease contracts for oil and gas exploration activities offshore Greece. This initiative aligns with Greece’s strategic objective to emerge as a prominent gas supplier in the Mediterranean region. In February, the Chevron-Helleniq Energy partnership formalized lease agreements with Greece concerning the exploration of four distinct offshore blocks. These areas are located south of Crete and the Peloponnese.
Collectively, these four offshore blocks – identified as South Crete 1, South Crete 2, South of Peloponnese, and Block A2 – span an expansive territory of approximately 47,000 square kilometers, which equates to roughly 18,147 square miles. Under the established terms of these lease agreements, the joint venture between Chevron and Helleniq Energy is set to implement a comprehensive three-phase exploration program. The primary goal of this program is to thoroughly assess the hydrocarbon potential inherent in these designated areas. These developments with the recent request for a 70% stake in a Greek offshore exploration block highlights Chevron’s intention to expand its overseas operations.
