HELLENiQ ENERGY and Chevron Expand Offshore Exploration Partnership in Greece’s Ionian Sea
HELLENiQ ENERGY and Chevron have announced a new agreement that will expand their strategic cooperation in Greece’s offshore energy sector, with Chevron acquiring a majority interest in the Block 10 concession located offshore the Kyparissiakos Gulf in the Southern Ionian Sea.
The agreement represents another major milestone in the development of one of the most important exploration partnerships currently taking shape in the Eastern Mediterranean. It highlights the growing interest of international energy companies in Greece’s offshore hydrocarbon potential and reflects the commitment of both companies to advancing exploration activities in the region.
Under the terms of the agreement, Chevron will acquire a 70% participating interest in Block 10 and will assume operatorship of the concession. HELLENiQ ENERGY will retain a 30% stake, continuing its involvement as a key partner in the exploration project. Through this structure, Chevron will bring its extensive global experience in deepwater exploration and project development, while HELLENiQ ENERGY will contribute its strong understanding of Greece’s energy landscape and domestic operations.
The partnership creates a balanced framework that combines technical expertise, operational capabilities, and shared investment responsibilities. By joining forces, the two companies aim to maximize the potential of the offshore block while managing exploration risks and maintaining exposure to future opportunities.
Chevron’s expanded role in Greece reinforces the company’s confidence in the country’s offshore resources and its long-term potential as an emerging energy exploration hub in the Mediterranean. Since entering the Greek market, Chevron has steadily increased its participation in offshore exploration activities alongside HELLENiQ ENERGY, demonstrating its strategic interest in the region.
Following the completion of this agreement, Chevron will participate in five offshore concessions together with HELLENiQ ENERGY. The expanded collaboration strengthens the relationship between the two companies and positions their partnership as one of the leading exploration alliances in Greece’s offshore sector.
Block 10 is currently progressing through its second exploration phase. Significant technical work has already been completed, including both two-dimensional (2D) and three-dimensional (3D) seismic surveys. These studies have provided valuable geological information and improved understanding of the subsurface characteristics of the area, helping identify and evaluate potential exploration targets.
The completion of seismic activities represents an important step in reducing geological uncertainty and preparing the concession for potential future drilling campaigns. As the partnership advances, Chevron and HELLENiQ ENERGY are expected to continue technical evaluations and assess the next stages of exploration in accordance with Greece’s broader offshore energy development strategy.
HELLENiQ ENERGY CEO Andreas Shiamishis highlighted the importance of Chevron’s entry into Block 10 and the broader benefits of the expanded cooperation.
“Chevron’s entry into Block 10 further strengthens our existing partnership and aligns the interests of both companies across all blocks in the Southern Ionian, creating a significantly larger exploration area in which we jointly participate,” Shiamishis said.
He noted that flexibility within HELLENiQ ENERGY’s exploration portfolio and the ability to operate across a wider acreage position have played an important role in attracting leading international energy companies. According to Shiamishis, these factors create opportunities for greater collaboration, improved efficiency, and the unlocking of potential synergies across multiple exploration assets.
He also emphasized that the company’s work in Block 10 over recent years has enabled a deeper assessment of its potential and supported Chevron’s decision to enter the concession. The adjustment of ownership interests reflects HELLENiQ ENERGY’s strategy of actively managing its exploration portfolio and adapting its asset structures based on evolving market conditions and opportunities.
Shiamishis added that the consistent implementation of the company’s strategy, combined with extensive technical work and stronger cooperation with government authorities, has created favorable conditions for agreements that can generate additional value for HELLENiQ ENERGY, Greece, and the wider Eastern Mediterranean region.
Andrew Deighan, Director of Exploration for Middle East and North Africa at Chevron, described the agreement as another important step in the company’s Mediterranean growth strategy.
“This is another key milestone for Chevron as we continue to build momentum in the Mediterranean region, an area where we are looking to further expand and strengthen our global exploration portfolio,” Deighan said.
He added that Chevron, together with HELLENiQ ENERGY and the Hellenic Republic, looks forward to evaluating the hydrocarbon potential of Block 10, describing it as an exciting frontier area with significant exploration opportunities.
Chevron’s global experience in oil and gas exploration and development will support efforts to assess the resource potential of the concession. Combined with HELLENiQ ENERGY’s regional expertise and Greece’s support for offshore energy development, the partnership aims to advance exploration activities and potentially contribute to future energy supplies in the region.
The expanded cooperation between HELLENiQ ENERGY and Chevron underscores the increasing importance of the Eastern Mediterranean in global energy strategies. As countries seek to strengthen energy security and diversify supply sources, offshore exploration projects such as Block 10 are expected to play a significant role in shaping the region’s future energy landscape.
Source Link: https://www.businesswire.com/
