A new chapter has opened in Greece’s hydrocarbon exploration efforts after US energy company Chevron received approval to enter the offshore Block 10 area in the Kyparissia Gulf and begin evaluating its potential for oil and natural gas discoveries.
Greek Environment and Energy Minister Stavros Papastavrou approved Chevron’s request to join the concession and form a partnership with HELLENiQ ENERGY, which previously held the exploration rights for the area.
The decision was announced following a working meeting on June 15 at the Ministry of Environment and Energy, attended by government officials, representatives of Chevron and HELLENiQ ENERGY, as well as executives from the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA).
During the meeting, Papastavrou and HEREMA CEO Aristofanis Stefatos informed the companies that all administrative approvals had been completed for the transfer of participation rights in the concession agreement and for Chevron to take over the role of operator for Block 10.
Chevron to hold 70% stake in Block 10
The approval follows a formal request submitted on May 28 by Chevron and HELLENiQ ENERGY for Chevron to participate in the Block 10 concession, located offshore in the southern Ionian Sea near the Kyparissia Gulf.
Once the transfer process is completed, Chevron will hold a 70% stake in the concession and become the operator, while HELLENiQ ENERGY will retain a 30% share.
The new partnership will jointly evaluate the available data before deciding whether to move into the next exploration stage, which includes the possibility of an exploratory drilling operation.
The concession has already undergone geological, geophysical and environmental studies. Previous exploration work included the acquisition of 1,210 kilometers of 2D seismic data in 2022, followed by 2,416 square kilometers of 3D seismic surveys covering 88% of the concession area.
Greece seeks to expand hydrocarbon research
The Greek government has described Chevron’s involvement as an important step toward the exploration and potential development of the country’s natural resources, while emphasizing energy security and attracting international investment.
“Chevron’s participation, one of the largest energy companies worldwide, in a fifth offshore area in Greece for hydrocarbon research is another important step toward the responsible utilization of national resources,” Environment and Energy Minister Stavros Papastavrou said.
He added that the development is a sign of confidence from major international investors in Greece’s energy prospects and its role as an energy partner in the wider Eastern Mediterranean region.
Chevron highlights Mediterranean expansion
Chevron’s Director of Exploration for the Middle East and North Africa, Andrew Deighan, described the move as an important milestone for the company’s activities in the Mediterranean.
He said the partnership with HELLENiQ ENERGY and the Greek state would allow Chevron to assess the hydrocarbon potential of Block 10, combining local cooperation with the company’s international experience and technological capabilities.
The US ambassador to Greece, Kimberly Guilfoyle, said the cooperation between Chevron and HELLENiQ ENERGY strengthens Greece’s energy position and supports its development as a regional energy hub.
HELLENiQ ENERGY welcomes expanded cooperation
HELLENiQ ENERGY CEO Andreas Andreas Shiamishis said Chevron’s entry into Block 10 aligns the companies’ interests across several exploration areas in the southern Ionian region.
He noted that greater flexibility in concession portfolios allows major energy companies to create partnerships and develop synergies, initially in exploration and potentially later in development.
HEREMA CEO Aristofanis Stefatos said the completion of all required approvals in less than 20 days represented a significant milestone for Greece’s hydrocarbon exploration program.
