(WO) — Chevron has expanded its offshore Greece exploration portfolio after reaching an agreement with HELLENiQ ENERGY to acquire a 70% interest and operatorship in the offshore Block 10 concession in the Southern Ionian Sea.
Under the agreement, HELLENiQ ENERGY will retain a 30% interest in the block, located offshore the Kyparissiakos Gulf. The transaction further strengthens the companies’ exploration partnership in the Eastern Mediterranean, where Chevron has been steadily increasing its presence.
With the addition of Block 10, Chevron now participates in five offshore exploration concessions alongside HELLENiQ ENERGY.
Block 10 is currently in its second exploration phase, with both 2D and 3D seismic surveys already completed. The partners plan to continue technical evaluation of the acreage as they assess potential future drilling opportunities.
“Chevron’s entry into Block 10 further strengthens our existing partnership and aligns the interests of both companies across all blocks in the Southern Ionian,” said Andreas Shiamishis, CEO of HELLENiQ ENERGY. “The work we have undertaken in Block 10 in recent years has enabled a more comprehensive assessment of its potential and supported Chevron’s entry into the wider portfolio.”
The transaction adds to Chevron’s growing exploration footprint in Greece and the broader Eastern Mediterranean, a region that has attracted increasing industry interest following a series of major offshore gas discoveries over the past decade.
“This is another key milestone for Chevron as we continue to build momentum in the Mediterranean region, an area where we are looking to further expand and strengthen our global exploration portfolio,” said Andrew Deighan, Chevron’s director of exploration for the Middle East and North Africa.
The companies said future work will focus on further de-risking the block through additional subsurface evaluation and advancing potential drilling plans as Greece continues to develop its offshore exploration sector.
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