US-based Chevron and Greece’s HELLENiQ ENERGY have signed lease agreements with the Greek government for the exploration of four offshore blocks.
The successful consortium, with Chevron holding a 70 per cent interest and HELLENiQ holding the remaining interest, was selected following an international call for tender from the Greek government in 2025.
The four offshore blocks – South Crete 1, South Crete 2, South of Peloponnese, and Block A2 – cover a total area of approximately 47,000 square kilometres.
Under the terms of the agreements, the consortium will complete a three-phase exploration program to help assess the hydrocarbon potential of the areas.
Gavin Lewis, Chevron’s Vice President, Global New Ventures, said: “We look forward to working with our partners HELLENiQ ENERGY and the Hellenic Republic to evaluate the hydrocarbon potential of these frontier areas.
“With our expertise in developing oil and gas projects worldwide, Chevron has the resources, experience, and technology to advance and unlock new energy supplies in this frontier region.”
The target areas are in deep waters, some beyond 1,500 metres of sea depth, with complex geological features.
Andreas Shiamishis, CEO of HELLENiQ ENERGY, said the new agreement is an important step in the company’s long-term growth strategy.
“While investing in the energy transition, we recognise that hydrocarbons will continue to play a critical role in ensuring security of supply for many years to come,” Shiamishis said.
“Our participation in offshore exploration reflects a value-driven approach, focused on selective investments and partnerships that combine scale, technical excellence and deep industry experience.”
