US Chevron, through its Dutch subsidiaries, together with Greece’s HELLENiQ ENERGY, has entered into lease agreements with Athens that will allow exploration of four blocks offshore the country.
According to Chevron, the blocks are located south of Crete (South Crete 1, South Crete 2) and in waters adjacent to the Peloponnese (South Peloponnese and Block A2). The consortium, in which Chevron holds 70 per cent and HELLENiQ ENERGY 30 per cent, was selected following an international tender announced by the Greek government in 2025.
Under the terms of the leases, the consortium will complete 2D and 3D seismic exploration programmes in the first phase to assess the hydrocarbon potential of these areas. The agreements are subject to ratification by the Greek parliament.
“We continue to build momentum in the Mediterranean region, where we already hold significant positions and are actively seeking exploration opportunities to further strengthen and expand our portfolio,” Chevron vice president of exploration Kevin McLachlan was quoted as saying in the press release.
Chevron’s assets in the Mediterranean region include two gas producing fields (offshore Israel) and the developing Aphrodite gas field (offshore Cyprus). In Egypt, Chevron is the operator of two exploration blocks and participates in a joint venture in the Mediterranean Sea.