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.