Chevron has signed lease agreements with Greece for four offshore exploration blocks, expanding its footprint in the Eastern Mediterranean and reinforcing its regional growth strategy.
The U.S. supermajor, through four Dutch subsidiaries, will operate the blocks with a 70% stake alongside HELLENiQ ENERGY, which holds the remaining 30%. The consortium was selected in a 2025 international tender launched by the Greek government.
The awarded acreage includes two blocks south of Crete—South Crete 1 and South Crete 2—and two areas in the Peloponnese basin—South of Peloponnese and Block A2.
Under the lease terms, the consortium will carry out 2D and 3D seismic surveys during the first exploration phase to evaluate hydrocarbon potential. The agreements require ratification by the Greek Parliament before entering into force.
Chevron described the deal as another milestone in its Mediterranean growth strategy, where it is actively pursuing new upstream opportunities.
The move strengthens Chevron’s positioning in a basin that has delivered some of the most significant gas discoveries of the past decade. The Eastern Mediterranean has emerged as a focal point for global energy companies following major finds offshore Israel, Cyprus, and Egypt, including the Leviathan, Tamar, Aphrodite, and Zohr fields.
Chevron already operates two producing gas fields offshore Israel and is developing Cyprus’ Aphrodite field. In Egypt, it operates two exploration blocks and participates in a non-operated Mediterranean joint venture.
The Greece entry follows a series of regional advances this month. On February 11, Chevron secured onshore Block S4 in Libya and signed memoranda of understanding to assess additional opportunities in Libya, Turkey, and Syria. The company is clearly assembling optionality across multiple Mediterranean jurisdictions amid renewed upstream momentum.
Greece has been accelerating offshore licensing efforts as part of its broader strategy to reduce energy import dependence and capitalize on prospective deepwater resources. While the country has yet to replicate the scale of discoveries seen in neighboring waters, geological parallels—particularly south of Crete—have drawn increasing interest from international operators.
For Chevron, the frontier acreage offers longer-term resource upside in a basin already integrated into European gas markets. The region’s infrastructure buildout and geopolitical focus on energy security, particularly after supply disruptions tied to the Russia-Ukraine war, have elevated the strategic value of Mediterranean gas.