Newsletters
U.S. oil major Chevron has filed official requests to acquire a 70% stake in offshore Greek gas blocks from Helleniq Energy, expanding the company’s presence in the eastern Mediterranean, Greece’s Energy Ministry said Thursday.
The applications concern Block 2 in the southwest Ionian Sea and Block 10, located offshore near the Kyparissiakos Gulf in the southern Ionian Sea.
Under the proposed deal, Chevron would acquire a 70% stake from Helleniq Energy, which currently holds 100% of the rights in Block 10. Helleniq would retain 30%, while Chevron would become the operator of the concession.
The Greek Energy Ministry said the move marks another sign of growing international interest in Greece’s hydrocarbon exploration sector.
If approved, Chevron will become the operator for both projects and lead future gas exploration activities in the offshore areas.
The ministry said Chevron and Helleniq Energy also submitted a request to Greece’s Hydrocarbon and Energy Resources Management Company for the transfer of operator responsibilities from Helleniq to Chevron for Block 10.
Researchers have already completed programs for the first and second exploration phases, while a decision is pending on whether to move into the third and final exploration phase involving exploratory drilling.
Greek authorities are also evaluating a request for an 18-month extension of the second exploration phase so the companies can jointly assess data gathered from 2D and 3D seismic surveys and incorporate findings from neighboring concession areas.
The ministry stated that energy companies make decisions based on their overall investment portfolio management.
The Greek government said the evaluation process would proceed under the existing legal and contractual framework while maintaining technical standards, safety measures and environmental protections governing offshore hydrocarbon exploration.
The ministry noted that Chevron and Helleniq Energy have already signed lease agreements with the Greek state for four additional offshore areas south of Crete and the Peloponnese.
Greek Environment and Energy Minister Stavros Papastavrou said Chevron’s decision to participate in another offshore area alongside Helleniq Energy represented “an important development” for Greece’s hydrocarbon sector.
He said the move confirmed that Greece is now “at the core of major energy agreements and investments.”
“With planning, consistency and national confidence, Greece is steadily strengthening its position on the energy map of the eastern Mediterranean,” Papastavrou said.
Set as preferred source
Set as preferred source
1 min read
1 min read
