Four ultra-deepwater blocks south of Crete and the Peloponnese advance upstream portfolio strategy
. From left: Minister of Environment and Energy Mr. Stavros Papastavrou; next to him, CEO of HELLENiQ ENERGY Mr. Andreas Shiamishis; Mr. Gavin Lewis, VP, Global New Ventures, Chevron; and CEO of the Hellenic Hydrocarbons and Energy Resources Management company (HEREMA), Mr. Aristofanis Stefatos.
HELLENiQ ENERGY and Chevron have signed lease agreements with the Hellenic Republic covering four offshore exploration and production blocks south of Crete and the Peloponnese, expanding Greece’s upstream development and marking a new step in HELLENiQ ENERGY’s upstream portfolio.
The consortium — composed of Chevron with a 70% operating interest and HELLENiQ ENERGY with a 30% stake — was selected through a competitive international tender launched by the Greek state in 2025. The agreements were signed in Athens on Feb. 16 and remain subject to ratification by the Hellenic Parliament.
The four offshore areas — South Crete 1, South Crete 2, South of Peloponnese, and Block A2 — cover approximately 47,000 square kilometers. Under the lease terms, the joint venture will carry out a three-phase exploration program aimed at evaluating hydrocarbon potential across the blocks.
The target zones are located in ultra-deepwater settings, with some water depths exceeding 1,500 meters, and are characterized by complex geological structures that typically require advanced offshore imaging, drilling and development capabilities.
Andreas Shiamishis, CEO of HELLENiQ ENERGY, said the agreements support the company’s long-term growth and diversification plans alongside its energy transition investments.
“This new concession agreement represents a strategically important step in HELLENiQ ENERGY’s long-term growth strategy and the further diversification of our portfolio,” Shiamishis said. “While investing in the energy transition, we recognize that hydrocarbons will continue to play a critical role in ensuring security of supply for many years to come.”
He added that the offshore exploration effort reflects a selective, partnership-driven approach focused on technical capability and scale.
“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,” Shiamishis said.
Gavin Lewis, Chevron vice president of global new ventures, said the company will apply its offshore project experience and technology base in evaluating the frontier acreage.
“We look forward to working with our partners HELLENiQ ENERGY and the Hellenic Republic to evaluate the hydrocarbon potential of these frontier areas,” Lewis said. “Chevron has the resources, experience and technology to advance and unlock new energy supplies in this frontier region.”
The signing ceremony took place in the presence of Kyriakos Mitsotakis, prime minister of Greece, along with senior officials from the Ministry of Environment and Energy, company representatives and executives from the Hellenic Hydrocarbons and Energy Resources Management Co.
Signatories included Energy Minister Stavros Papastavrou and HEREMA CEO Aristofanis Stefatos on behalf of the Greek state, along with Lewis for Chevron and Shiamishis for HELLENiQ ENERGY.