US oil major Chevron is seeking to expand its involvement in Greece’s offshore hydrocarbon sector by joining the concession for offshore “Block 10” in the southern Ionian Sea, according to the Greek Ministry of Environment and Energy.

Chevron and HELLENiQ ENERGY have jointly submitted an official request for the American company to participate in the offshore area located near the Kyparissiakos Gulf. The companies have also requested that Chevron assume the role of operator for the concession, replacing HELLENiQ ENERGY.

Under the proposed agreement, Chevron would acquire a 70% stake in the concession from HELLENiQ ENERGY, which currently holds full ownership of the exploration rights. If approved, HELLENiQ ENERGY would retain the remaining 30%.

The project is currently approaching its third and final exploration phase, which involves exploratory drilling. Previous research phases, including 2D and 3D seismic surveys, have already been completed.

At the same time, the Hellenic Hydrocarbons and Energy Resources Management Company is reviewing a request for an 18-month extension of the second exploration phase. The extension would allow the newly formed partnership to further assess seismic data and evaluate findings alongside neighboring offshore concessions.

Greek authorities stated that the review process will follow the country’s existing legal and contractual framework, while maintaining environmental protection and offshore safety standards.

The latest move is seen as another sign of growing international interest in Greece’s energy exploration potential. Chevron and HELLENiQ ENERGY have already signed agreements with the Greek state for four additional offshore areas south of Crete and the Peloponnese.

Greek Environment and Energy Minister Stavros Papastavrou described Chevron’s expanded involvement as an important development for the country’s hydrocarbon sector and a sign of increasing confidence in Greece’s role in the Eastern Mediterranean energy market.