Chevron’s move to enter Block 10, announced on Thursday, is underpinned by seismic data pointing to potentially exploitable hydrocarbon deposits in the offshore concession south of the Ionian Sea and off the Kyparissia Gulf in the western Peloponnese.

The U.S. major identified promising geological structures in the block based on 2D and 3D surveys obtained from HELLENiQ ENERGY, the Greek group that has held the lease since 2019 and from which Chevron is seeking to acquire a 70% stake.

The data point to a subsurface that resembles that of Block 2, the offshore area northwest of the Ionian where ExxonMobil entered in November as part of a consortium with Energean and HELLENiQ ENERGY. Energean is set to drill the first exploratory well in Block 2 in February 2027, after which ExxonMobil will take over as operator.

A path to drilling

Chevron has requested an 18-month extension of the second exploration phase in Block 10. If the geophysical data point to a viable target during that window, the concession could be brought to a drill-ready stage.

A decision to proceed would open the possibility of a new well as early as 2028, following back-to-back with the Energean drilling in Block 2.

An arc across Greek waters

Block 10 would also consolidate Chevron’s geographic footprint in the country. The concession forms a continuous arc with the four offshore blocks the company already holds: “A2,” “South of Peloponnese,” “South of Crete I” and “South of Crete II.” Together, they cover a broad area in which Chevron can search for additional targets.

Acquisition of a 70% stake in Block 10 from HELLENiQ ENERGY, the subject of Chevron’s farm-in request, would raise the company’s total licensed acreage in Greece to roughly 50,000 square kilometers.

Next steps

According to sources familiar with the process, the approvals are expected to move quickly. The Hellenic Hydrocarbons and Energy Resources Management Company (EDEYEP), the state body that oversees upstream activity, is expected to issue a positive opinion within days. The Ministry of Environment and Energy would then issue the ministerial decision authorizing the farm-in, followed by the transfer of operatorship and a clearance from the Ministry of Foreign Affairs.

Completion of those steps would, in the Greek government’s framing, mark a new chapter in the country’s effort to develop its hydrocarbon resources and reinforce its geopolitical position.

Source: OT.gr