Chevron, along with HELLENiQ ENERGY, has entered into lease agreements with the Hellenic Republic to initiate exploration activities in four blocks offshore Greece.
The agreements, involving Chevron’s Dutch subsidiaries, pertain to areas south of Crete and within the Peloponnese region. Both regions comprise two blocks each.
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The exploration of the South Crete 1, South Crete 2, South of Peloponnese and Block A2 concessions will cover a total area of approximately 47,000km². The target areas are in ultra-deep-water settings, with water depths exceeding 1,500m and complex geological structures.
Chevron holds a 70% operating stake in the consortium, while HELLENiQ ENERGY controls the remaining 30%. The consortium prevailed in the international tender process conducted by the Greek Government in 2025.
Chevron vice-president of exploration Kevin Mclachlan said: “This is another important milestone for Chevron as we continue building momentum in the Mediterranean region, an area where we already have a significant position and are actively pursuing exploration opportunities to further strengthen and expand our portfolio.
“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 consortium plans to carry out 2D and 3D seismic exploration during the initial phase to evaluate the hydrocarbon potential of these regions.
The lease agreements are awaiting approval by the Greek Parliament.
The signing ceremony took place in Athens, attended by Greek Prime Minister Kyriakos Mitsotakis and officials from Chevron, HELLENiQ ENERGY and the Ministry of Environment and Energy.
HELLENiQ ENERGY CEO Andreas Shiamishis said: “This new concession agreement represents a strategically important step in HELLENiQ ENERGY’s long-term growth strategy and the further diversification of our portfolio. 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.
“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.
“The collaboration with Chevron, one of the world’s leading energy companies, significantly strengthens this effort and underlines the importance we place on working alongside partners with proven expertise in complex offshore environments.”
This initiative adds to Chevron’s existing engagements in the Mediterranean region, which include gas-producing fields offshore Israel and exploration blocks in Egypt.
Recently, Chevron was awarded an onshore block in Libya following a memorandum of understanding (MoU) to explore opportunities there. The US-based company also has MoUs in place with Türkiye and Syria to evaluate potential projects.
Last month, Chevron Mediterranean, a subsidiary of Chevron, along with the stakeholders of the Leviathan natural gas reservoir, reached a final investment decision to boost the production capacity of the Leviathan platform.
