HELLENiQ ENERGY and Chevron Sign Major Offshore Exploration Deal in Greece
In a landmark move that underscores Greece’s growing importance in the global energy landscape, HELLENiQ ENERGY has signed lease agreements with the Chevron and the Hellenic Republic for the exploration of four offshore blocks located in southern Crete and the Peloponnese. The agreement represents a major milestone in the country’s upstream development and reflects increasing international interest in Greece’s offshore hydrocarbon potential.
The signing follows a competitive international tender conducted by the Greek State in 2025. The selected consortium consists of Chevron as operator with a 70 percent participating interest, while HELLENiQ ENERGY holds the remaining 30 percent stake. Together, the two companies will move forward with an ambitious exploration program designed to assess the hydrocarbon potential of these strategically located offshore regions.
Four Strategic Offshore Blocks
The agreement covers four offshore exploration areas: South Crete 1, South Crete 2, South Peloponnese, and Block A2. Together, these blocks span an area of approximately 47,000 square kilometers, making the project one of the most extensive offshore exploration initiatives in the Eastern Mediterranean.
These areas are located in ultra-deep waters, in some cases more than 1,500 meters below sea level. The geological formations are complex, requiring advanced technical capabilities, sophisticated seismic analysis, and significant operational expertise. Such conditions highlight the importance of partnering with a global energy leader like Chevron, which has extensive experience in deepwater exploration and production projects around the world.
Three-Stage Exploration Program
Under the terms of the lease agreements, the joint venture will implement a three-stage exploration program. This phased approach is designed to carefully evaluate the subsurface structures and determine the presence and commercial viability of hydrocarbon resources.
The program will likely begin with detailed seismic surveys and geological assessments. If initial results are promising, the companies may proceed to exploratory drilling, followed by appraisal activities. This structured process helps manage risk while ensuring that any potential resources are developed responsibly and efficiently.
Strategic Importance for Greece
The agreement marks a significant step forward for Greece’s energy strategy. The country has been actively pursuing offshore exploration opportunities in recent years, aiming to enhance energy security, reduce dependence on imports, and position itself as a key player in the Eastern Mediterranean energy corridor.
The involvement of a major international company like Chevron signals strong confidence in Greece’s offshore prospects. It also reflects the country’s efforts to attract foreign investment and develop its natural resources in a way that aligns with both economic and energy-transition goals.
The signing ceremony took place in Athens and was attended by Kyriakos Mitsotakis, the Prime Minister of Greece, along with senior representatives from the Ministry of Environment and Energy, Chevron, and HELLENiQ ENERGY.
The lease agreements were signed on behalf of the Greek State by Stavros Papastavrou, Minister of Environment and Energy, and Aristofanis Stefatos, CEO of the Greek Hydrocarbons and Energy Resources Management Company (HEREMA). Chevron was represented by Gavin Lewis, Vice President of Global New Ventures, while HELLENiQ ENERGY was represented by Andreas Shiamishis, Group CEO.
The agreements are now subject to ratification by the Hellenic Parliament, a final step required before the exploration program can proceed.
HELLENiQ ENERGY’s Long-Term Strategy
Commenting on the development, HELLENiQ ENERGY CEO Andreas Shiamishis described the new concession as a strategic milestone for the company’s long-term growth and diversification plans.
He noted that while the company is actively investing in the energy transition and expanding its renewable energy portfolio, hydrocarbons will continue to play a vital role in ensuring energy security for many years. Offshore exploration, he explained, is part of a value-driven investment approach that focuses on selective opportunities with strong technical partners.
The collaboration with Chevron, one of the world’s leading energy companies, reinforces this strategy. By partnering with an operator that has a proven track record in complex offshore environments, HELLENiQ ENERGY aims to maximize the chances of success while managing operational and financial risks.
Chevron’s Perspective
From Chevron’s standpoint, the partnership represents an opportunity to apply its deepwater expertise in a promising frontier region. Gavin Lewis, Chevron’s Vice President of Global New Ventures, emphasized the company’s commitment to working closely with its partners and the Greek government.
He highlighted Chevron’s global experience in developing oil and gas projects and its ability to deploy advanced technologies to unlock new energy resources. According to Lewis, the company’s capabilities will help enhance access to potential energy sources in the region while supporting Greece’s broader energy objectives.
Ultra-Deepwater Challenges and Opportunities
Exploration in ultra-deepwater environments is among the most technically demanding activities in the energy industry. Water depths exceeding 1,500 meters require specialized drilling rigs, advanced subsea systems, and highly trained personnel.
However, these challenging conditions often coincide with significant resource potential. Advances in seismic imaging, drilling technology, and subsea production systems have made it possible to access resources that were once considered unreachable.
If successful, the exploration program could open the door to new domestic energy supplies for Greece, potentially strengthening its role in regional energy markets.
About HELLENiQ ENERGY
HELLENiQ ENERGY is one of the leading integrated energy companies in Southeast Europe. Originally founded as Hellenic Petroleum in 1998, with roots tracing back to the country’s first refinery in 1958, the company has grown into the largest enterprise in Greece by annual revenue.
Today, HELLENiQ ENERGY operates across the entire energy value chain, including refining, supply, and marketing of oil and petrochemicals, hydrocarbon exploration and production, fuel marketing, and an expanding renewable energy portfolio.
The company is also advancing its strategic transformation through investments in clean energy and green utilities. Following the acquisition of 100 percent of Elpedison—now rebranded as Enerwave—HELLENiQ ENERGY is building a new business unit focused on electricity and gas generation and supply, primarily from renewable sources.
With operations in eight countries and a growing international presence, HELLENiQ ENERGY aims to balance traditional energy activities with its commitment to a just, affordable, and secure energy transition.
A Defining Moment for Greece’s Energy Future
The lease agreements between HELLENiQ ENERGY, Chevron, and the Hellenic Republic represent more than just an exploration project. They signal Greece’s ambition to strengthen its energy security, attract international investment, and play a larger role in the evolving energy landscape of the Eastern Mediterranean.
As the joint venture moves forward with its exploration program, the results will be closely watched by industry stakeholders and policymakers alike. Success could reshape Greece’s energy outlook and reinforce its position as a strategic energy hub in the region.
For now, the signing marks a significant step forward—one that combines international expertise, local leadership, and a shared vision for responsible resource development.
