en.Wedoany.com Reported - Greece's Energy Ministry announced on June 15 that it has approved Chevron's acquisition of a 70% stake in an offshore block in the southwest of the country from Greek energy company Helleniq. The natural gas exploration block is located in the southwestern Ionian Sea. Chevron will serve as operator and lead natural gas exploration in the area, while Helleniq retains the remaining 30% stake. In a statement, the Greek Energy Ministry said it has completed all approval procedures for Chevron to take over the block "within the coming days."
The approved natural gas exploration block, designated Block 10, is located in the waters near the Gulf of Kyparissia. Chevron and Helleniq formally submitted the stake transfer application on May 28, while also requesting a 15-month extension of the second exploration phase to jointly evaluate the acquired 2D and 3D seismic data. Preliminary exploration work, including geological, geophysical, and environmental studies, has already been completed for this block. The new joint venture will assess existing data to decide whether to proceed to the third phase, which includes drilling exploration wells.
With the approval of Block 10, Chevron's collaboration with Helleniq in Greece now covers five offshore blocks. The two companies have previously signed exclusive lease agreements for four deepwater blocks south of Crete and the Peloponnese, adopting the same 70-30 equity structure with Chevron as operator. These four blocks cover a total area of approximately 47,000 square kilometers, making them one of the larger offshore block licensing projects in the European Union in recent years. Greek Minister of Environment and Energy Stavros Papastavrou stated that Chevron's participation in a fifth offshore exploration area demonstrates international investors' confidence in Greece's energy prospects.
As natural gas exploration is a key component of Greece's energy strategy, this approval marks the completion of relevant administrative procedures in less than 20 days. Aristofanis Stefanatos, CEO of the Greek Hydrocarbons and Energy Resources Management Company, called this another milestone in the country's hydrocarbon exploration program. The consortium led by Chevron has committed to investments in seismic surveys, with the total potential investment over the project's full cycle reaching several hundred million euros.
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