- Chevron and HELLENiQ ENERGY hold 70% and 30% interests respectively in the awarded consortium.
- The exploration blocks are located south of Crete and within the Peloponnese.
- 2D and 3D seismic exploration work programs are planned in phase one of the leases.
- Lease Agreements require ratification by the Greek Parliament.
Lease Agreements
Chevron Corporation, through its Dutch subsidiaries, and HELLENiQ ENERGY have signed Lease Agreements with the Hellenic Republic for exploration of four offshore blocks in Greece. The blocks are located south of Crete and within the Peloponnese. Chevron holds a 70% operating interest, while HELLENiQ ENERGY holds a 30% interest. The consortium was selected following an international tender by the Greek government in 2025.
Exploration Plans
The consortium plans to conduct 2D and 3D seismic exploration work programs in the first phase of the leases to assess the hydrocarbon potential of these areas. The Lease Agreements are pending ratification by the Greek Parliament.
Chevron's Mediterranean Assets
Chevron's existing assets in the Mediterranean include two gas-producing fields offshore Israel and the Aphrodite gas field offshore Cyprus, which is currently in development. In Egypt, Chevron operates two exploration blocks and participates in a non-operated joint venture in the Mediterranean Sea.
Recent Developments
On February 11, 2026, Chevron won the bid for onshore block S4 in Libya, following a Memorandum of Understanding to evaluate development and exploration potential there. Additionally, Chevron was awarded MoUs with Turkey and Syria to explore further opportunities in February.
