Chevron seeks stake in offshore hydrocarbon exploration block off Western Greece

The ministry stated that Chevron intends to participate alongside HELLENiQ ENERGY in exploration operations in the marine area situated off Kyparissia Bay. If approved, Chevron would acquire a 70 percent stake in the project and assume the role of operator.

The offshore concession covers approximately 2,736 square kilometers, with water depths ranging between 500 and 2,500 meters, making it one of Greece’s significant deepwater exploration zones.

According to the ministry, the first and second phases of exploration work in the area have already been completed. The next stage is expected to involve exploratory drilling aimed at assessing the commercial viability of potential hydrocarbon reserves.

Officials also noted that the participating companies have requested additional time to jointly evaluate seismic data obtained through two-dimensional and three-dimensional surveys conducted in 2022 and 2023.

Greek authorities said the application will be reviewed in accordance with the country’s legal framework, technical requirements, and environmental protection standards before any final decision is made.

Environment and Energy Minister Stavros Papastavrou said Chevron’s interest reflects growing international confidence in Greece’s hydrocarbon exploration sector. He added that the development further strengthens Greece’s strategic position on the Eastern Mediterranean energy map.

Chevron and HELLENiQ ENERGY have previously signed agreements with the Greek state covering four separate offshore exploration blocks located south of Crete and the Peloponnese, underscoring the expanding partnership between the two companies in Greece’s energy sector.

The latest move comes as Greece continues efforts to diversify its energy resources and attract international investment in offshore oil and natural gas exploration projects across the Eastern Mediterranean region.