HELLENiQ ENERGY and Chevron Secure Landmark Offshore Exploration Lease Agreements in Greece
In a major milestone for Greece’s energy sector, HELLENiQ ENERGY, in strategic collaboration with global energy giant Chevron, today formalized Lease Agreements with the Hellenic Republic to explore four offshore hydrocarbon blocks located south of Crete and the Peloponnese. The agreements mark a significant advancement in Greece’s upstream development ambitions and highlight the country’s continued attractiveness for international energy investment.
The signing of these Lease Agreements follows a highly competitive international tender launched by the Greek State in 2025, which attracted interest from some of the world’s most experienced energy companies. The successful consortium comprises Chevron, holding a 70% stake and serving as the Operator, alongside HELLENiQ ENERGY, holding a 30% interest. This partnership brings together Chevron’s extensive technical expertise in offshore exploration with HELLENiQ ENERGY’s deep regional knowledge and operational capabilities.
The four offshore blocks under the Lease Agreements are South Crete 1, South Crete 2, South of Peloponnese, and Block A2, covering a combined area of approximately 47,000 square kilometers. These areas lie in ultra-deepwater settings, with some locations exceeding 1,500 meters in sea depth and featuring highly complex geological structures. According to the terms of the agreements, the consortium will conduct a three-phase exploration program designed to assess the hydrocarbon potential of these frontier areas, potentially positioning Greece as a future hub of offshore energy production in the Eastern Mediterranean.
Strategic Significance for HELLENiQ ENERGY
For HELLENiQ ENERGY, this agreement represents a strategically important step in its long-term growth and diversification strategy. Andreas Shiamishis, CEO of HELLENiQ ENERGY, emphasized the importance of balancing the pursuit of traditional hydrocarbons with the ongoing energy transition:
This new concession agreement represents a strategically important step in HELLENiQ ENERGY’s long-term growth strategy and the further diversification of our portfolio. 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.”
Shiamishis highlighted that HELLENiQ ENERGY’s participation in offshore exploration reflects a value-driven investment approach, focused on partnerships that combine scale, technical excellence, and deep industry experience. The collaboration with Chevron, one of the world’s most respected energy companies, is a testament to HELLENiQ ENERGY’s commitment to working alongside global partners capable of operating in highly complex offshore environments.
Chevron’s Role and Global Expertise
Chevron’s Vice President of Global New Ventures, Gavin Lewis, underlined the company’s enthusiasm for contributing its technological expertise and project experience to these frontier blocks:
We look forward to working with our partners HELLENiQ ENERGY and the Hellenic Republic to evaluate the hydrocarbon potential of these frontier areas. With our expertise in developing oil and gas projects worldwide, Chevron has the resources, experience, and technology to advance and unlock new energy supplies in this frontier region.”
Chevron’s extensive track record in ultra-deepwater exploration and complex offshore developments will play a crucial role in ensuring that the joint venture executes its exploration program efficiently, safely, and with the highest technical standards.
The Signing Ceremony and Government Support
The Lease Agreements were officially signed in Athens, in the presence of the Prime Minister of Greece, Kyriakos Mitsotakis, along with senior representatives from the Ministry of Environment and Energy, Chevron, and HELLENiQ ENERGY. This high-profile event underscores the strategic importance of offshore hydrocarbon exploration to Greece’s national energy policy and economic development plans.
The official signatories included Stavros Papastavrou, Minister of Environment and Energy, and Aristofanis Stefatos, CEO of the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA), representing the Greek State. Chevron was represented by Gavin Lewis, Vice President of Global New Ventures, while HELLENiQ ENERGY was represented by Andreas Shiamishis, Group CEO. The Lease Agreements are now pending ratification by the Hellenic Parliament, which is the final step required for the consortium to commence its exploration program.
Offshore Blocks and Exploration Potential
The four blocks selected for exploration represent some of the most promising areas for hydrocarbons in the Eastern Mediterranean. Each block poses unique challenges and opportunities due to its ultra-deepwater location, complex geological formations, and environmental sensitivities:
- South Crete 1 and South Crete 2: Situated south of the island of Crete, these blocks feature deepwater basins and complex subsurface structures that could host significant hydrocarbon accumulations. The exploration of these blocks is expected to provide critical insights into the hydrocarbon potential of Greece’s southern maritime territories.
- South of Peloponnese: This block covers a large area south of the Peloponnese peninsula, featuring a combination of deepwater sedimentary basins and structural traps. Its geological complexity makes it a key target for advanced seismic and drilling technologies.
- Block A2: Positioned in an ultra-deepwater environment, Block A2 presents a technically challenging but potentially high-reward opportunity. Successful exploration here could contribute significantly to Greece’s hydrocarbon output and energy security.
The joint venture’s three-phase exploration program is designed to systematically evaluate each block’s hydrocarbon potential. This program includes detailed seismic surveys, environmental and technical studies, and exploratory drilling campaigns. The goal is to generate a comprehensive understanding of subsurface conditions, enabling informed decisions on potential development projects in the future.
HELLENiQ ENERGY’s Transformation and Energy Transition Strategy
HELLENiQ ENERGY has evolved significantly since its establishment in 1998 as HELLENIC PETROLEUM. With roots tracing back to Greece’s first refinery in 1958, the company has grown to become the largest energy company in Greece and one of the leading integrated energy players in Southeast Europe. HELLENiQ ENERGY operates across the entire energy value chain, with activities spanning refining, supply and trading of oil and petrochemical products, hydrocarbon exploration and production, fuels marketing, and renewable energy development.
In recent years, HELLENiQ ENERGY has embarked on an ambitious transformation strategy, repositioning itself as a regional energy leader and expanding its international operations. Today, the company maintains a presence in eight countries, while continuing to grow its portfolio in clean energy and renewables. One of the key pillars of this transformation is the development of an integrated Green Utility strategic business unit, following the acquisition of Elpedison, which has been rebranded as Enerwave. Enerwave focuses on producing and supplying electricity and gas—primarily from renewable sources—directly to the Greek market, reinforcing HELLENiQ ENERGY’s commitment to a just, affordable, and secure energy transition.
Commitment to Energy Security and Economic Development
The exploration of these offshore blocks is not only an investment in HELLENiQ ENERGY’s long-term growth but also a critical contribution to Greece’s energy security and economic development. By identifying and potentially developing new hydrocarbon resources, the country can diversify its energy supply, reduce dependence on imports, and strengthen its strategic position in the Eastern Mediterranean.
The collaboration with Chevron also signals confidence from the international energy community in Greece’s regulatory framework, geological potential, and strategic outlook. It demonstrates the country’s ability to attract leading global companies to invest in frontier offshore exploration, creating opportunities for job creation, technological advancement, and regional economic growth.
Looking Ahead
The Lease Agreements signed today represent the beginning of a multi-year exploration journey. If successful, the program could pave the way for new oil and gas production in Greek waters, complementing the country’s ongoing efforts to expand renewable energy capacity and accelerate the energy transition.
Andreas Shiamishis summarized the strategic vision behind HELLENiQ ENERGY’s offshore investment:
Our participation in offshore exploration reflects a value-driven approach, focused on selective investments and partnerships that combine scale, technical excellence, and deep industry experience. By working with a global partner like Chevron, we are positioning ourselves to responsibly unlock new resources while supporting Greece’s energy security and economic development.”
As HELLENiQ ENERGY and Chevron prepare to embark on their exploration program, Greece stands on the cusp of a new era in energy development, where traditional hydrocarbons and renewable energy sources work hand-in-hand to provide secure, sustainable, and diversified energy for the nation and the region.
About HELLENiQ ENERGY
HELLENiQ ENERGY is one of Southeast Europe’s leading integrated energy companies. Established in 1998 as HELLENIC PETROLEUM, with historical roots dating back to 1958, the company has evolved into a regional energy powerhouse with operations spanning eight countries. Its portfolio includes refining, trading, hydrocarbon exploration and production, fuels marketing, and an expanding presence in renewable energy.
The company is actively developing an integrated Green Utility business unit—Enerwave—which produces and supplies energy primarily from renewable sources. HELLENiQ ENERGY is committed to delivering a just, affordable, and secure energy transition while maintaining its role as a key contributor to regional energy security and economic development.
Headquartered in Athens, Greece, HELLENiQ ENERGY is listed on the Athens Exchange (ticker: ELPE) and has a secondary listing on the London Stock Exchange (LSE: HLPD) through Global Depository Receipts (GDRs).
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