U.S. energy major Chevron has strengthened its position in the eastern Mediterranean after securing a majority stake in an offshore exploration block in Greek waters.
The company signed an agreement with Greek energy firm HELLENiQ Energy to acquire a 70 percent operating interest in Block 10, located in the Mediterranean Sea off Greece. HELLENiQ Energy will retain the remaining 30 percent stake.
The deal marks another step in Chevron’s efforts to grow its exploration portfolio in the Mediterranean region, where the company has been increasing its presence through partnerships and new offshore opportunities.
According to HELLENiQ Energy, Block 10 is already in its second exploration phase. Extensive seismic surveys, including both two-dimensional and three-dimensional studies, have been completed, providing valuable geological data to assess the area’s hydrocarbon potential and guide future drilling decisions.
The companies said further technical studies will be carried out as they continue evaluating the block, with potential drilling activities expected in later stages of the project.
The latest agreement expands the partnership between Chevron and HELLENiQ Energy to five offshore exploration areas in Greece.
HELLENiQ Energy Chief Executive Officer Andreas Shiamishis said the transaction deepens cooperation between the two companies and creates a larger exploration footprint in the Southern Ionian region, which could improve operational flexibility and unlock potential synergies.
Chevron also described the agreement as an important milestone in its strategy to strengthen its exploration activities across the Mediterranean.
Earlier this year, Chevron and HELLENiQ Energy entered lease agreements covering four additional offshore blocks near Crete and the Peloponnese. Together, those areas span approximately 47,000 square kilometres and are subject to a multi-stage exploration program.
The offshore concessions are located in ultra-deepwater environments, with some areas exceeding 1,500 metres in water depth. Initial exploration work is expected to focus on seismic surveys aimed at determining the resource potential of the blocks before any drilling operations are considered.
