Chevron and Helleniq Energy have signed lease agreements with Greece’s government for four exploration blocks offshore southern Crete and the Peloponnese peninsular, west of Athens.
Under the awards, Chevron will be the operator with a 70% interest, with Helleniq holding a 30% share in South Crete 1, South Crete 2, South of Peloponnese, and Block A2.
Collectively, these cover an area of about 47,000 sq km.
The terms of the lease agreements call for a three-phase exploration program to assess the hydrocarbon potential. Targeted areas are all in ultradeepwater, in some cases beyond 1,500 m, with complex geological structures.
“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,” said Gavin Lewis, Chevron’s vice president of Global New Ventures.
The lease agreements remain subject to ratification by the Greek/Hellenic Parliament.