The consortium, consisting of Greek HELLENiQ ENERGY and US Chevron, has signed lease agreements with Greece for the exploration of four offshore blocks south of Crete and the Peloponnese.
Chevron, holding a 70 per cent interest and acting as the operator, and HELLENiQ ENERGY, holding 30 per cent, were selected following an international tender launched by the Greek state in 2025.
The four offshore blocks (South Crete 1, South Crete 2, South of Peloponnese, and Block A2) cover an area of about 47,000 square kilometres and lie in ultra-deepwater, in some cases beyond 1,500 metres, with complex geological structures. The joint venture will carry out a three-phase exploration to assess its hydrocarbon potential. The agreements are now subject to ratification by the Hellenic Parliament.