US oil major Chevron has expanded its exploration holdings in the Mediterranean after securing a majority stake and operational control of a highly prospective offshore block in Greece.
Chevron signed an agreement with HELLENiQ ENERGY to acquire a 70 per cent participating interest in the Block 10 concession, located offshore the Kyparissiakos Gulf in the Southern Ionian Sea. HELLENiQ ENERGY will retain the remaining 30 per cent stake.
The transaction marks Chevron’s fifth concurrent offshore venture alongside HELLENiQ ENERGY. Chevron will formally take over as operator of the block, allowing the venture to leverage the American multinational’s specialised global deepwater exploration capabilities.
Block 10 is currently in its second exploration phase. Comprehensive two-dimensional and three-dimensional seismic studies have already been completed across the acreage, providing researchers with an advanced understanding of the subsurface and helping to identify potential drilling targets.
Future operations will focus heavily on further de-risking the asset through additional technical evaluations.
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 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.”
Chevron Director of Exploration for the Middle East and North Africa, Andrew Deighan, described the acquisition as a pivotal milestone for the company’s global upstream business.
“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,” Deighan said.
“We are looking forward to evaluating the hydrocarbon potential of Block 10, which is in an exciting frontier area.”
