Chevron has expanded its offshore exploration footprint in Greece after agreeing to acquire a majority stake in Block 10, an offshore concession in the Southern Ionian Sea, from Greek energy company HELLENiQ ENERGY.
Under the agreement announced Monday, Chevron will take a 70% participating interest in the block, located offshore the Kyparissiakos Gulf, while HELLENiQ ENERGY will retain a 30% stake. Chevron will also become operator of the concession, leveraging its deepwater exploration expertise.
The deal further strengthens a growing partnership between the two companies in Greece’s offshore sector. With the addition of Block 10, Chevron now participates alongside HELLENiQ ENERGY in five offshore concessions in the country.
Block 10 is currently in its second exploration phase, with both 2D and 3D seismic surveys already completed. The partners will now focus on further technical evaluation and the identification of potential drilling targets as they seek to unlock hydrocarbon resources in the area.
HELLENiQ ENERGY CEO Andreas Shiamishis said Chevron’s entry aligns the interests of both companies across the Southern Ionian region, creating a larger joint exploration position and potential operational synergies. He added that the transaction reflects HELLENiQ ENERGY’s strategy of actively managing its exploration portfolio while maintaining exposure to future upside.
Chevron described the agreement as another milestone in its effort to expand its Mediterranean exploration portfolio. Andrew Deighan, Chevron’s Director of Exploration for the Middle East and North Africa, said the company sees significant potential in the frontier area and plans to apply its global expertise and technology to evaluate the block’s resources.
Chevron has rapidly increased its exposure to Greece’s offshore exploration sector over the past year, signaling growing industry confidence in the country’s largely underexplored offshore basins and broader Eastern Mediterranean energy potential.
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