HELLENiQ ENERGY and Chevron announce an agreement for Chevron’s participation in the Block 10 concession, located offshore the Kyparissiakos Gulf in the Southern Ionian Sea in Greece.

The agreement marks a further expansion of one of the most significant exploration partnerships currently developing in the Eastern Mediterranean, underscoring both companies’ commitment to unlocking the potential of Greece’s offshore energy resources.

Under the agreement, Chevron will acquire a 70% participating interest in the concession, while HELLENiQ ENERGY will retain a 30% stake, with Chevron also assuming the role of Operator, leveraging its global deepwater exploration expertise.

The partnership combines Chevron’s technical and operational capabilities with HELLENiQ ENERGY’s established domestic portfolio, supporting a balanced approach to risk-sharing while maintaining exposure to future exploration upside.

Chevron has rapidly expanded its presence in Greece’s hydrocarbon exploration portfolio with HELLENiQ ENERGY since last year, testament to its confidence in the potential of this prospective region.

With this agreement, Chevron now participates in five offshore concessions together with HELLENiQ ENERGY, reaffirming the strategic importance of the partnership between the two groups.

Block 10 is currently in its second exploration phase, where both 2D and 3D seismic studies have been completed, providing a more advanced understanding of the subsurface and supporting the evaluation of potential future drilling targets.

As exploration activity progresses, the partnership is expected to focus on further de-risking the asset through additional technical evaluation and potential drilling phases, in line with the broader development of Greece’s offshore exploration sector.

Commenting on the agreement, HELLENiQ ENERGY CEO Andreas Shiamishis said: “Chevron’s entry into Block 10 further strengthens our existing partnership and aligns the interests of both companies across all blocks in the Southern Ionian, creating a significantly larger exploration area in which we jointly participate. Flexibility within our portfolio, along with the ability to operate across a broader acreage position, are key factors in attracting leading international energy companies and unlocking potential synergies.

The work we have undertaken in Block 10 in recent years has enabled a more comprehensive assessment of its potential and supported Chevron’s entry into the wider portfolio. The adjustment of our participating interest reflects our strategy of actively managing our exploration assets as a dynamic portfolio, where ownership and structures can evolve in response to changing conditions.

The consistent execution of our strategy, combined with the significant work carried out to date and increased cooperation with the relevant authorities, has established the right conditions for transactions of this kind, creating additional potential for our Company, Greece, and the wider region.”

Andrew Deighan, Director, Exploration, Middle East and North Africa, Chevron, said: “This is another key milestone for Chevron as we continue to build momentum in the Mediterranean region, an area where we are looking to further expand and strengthen our global exploration portfolio.

Together with our partner, HELLENiQ ENERGY, and the Hellenic Republic, we are looking forward to evaluating the hydrocarbon potential of Block 10, which is in an exciting frontier area.

Chevron has significant expertise in developing oil and gas projects globally. We believe that the combination of our partner’s expertise and support coupled with our resources and technology, will help to advance and unlock new energy supplies in this region.”

Source: BUSINESS WIRE