Chevron and HELLENiQ ENERGY have filed an official request for Chevron to enter Greece’s Block 10 concession in the Gulf of Kyparissia
The Greek Ministry of Environment and Energy announced that Chevron and HELLENiQ ENERGY have filed an official request for Chevron to enter Greece’s Block 10 concession in the Gulf of Kyparissia
This Step marks another step in Chevron’s expansion into Greece’s offshore hydrocarbon exploration sector. Under the agreement, Chevron holds a 70% stake in Block 10 and serves as operator, while HELLENiQ ENERGY retains the remaining 30%.
Currently, the offshore area is owned by HELLENiQ ENERGY, but under the proposal submitted by the two companies, Chevron takes over the concession’s operation and leads the next steps of the exploration activities.
Block 10 is located offshore in the southern Ionian Sea, near the Gulf of Kyparissia. The concession covers about 2,735 square kilometers (1,055 sq mi), while water depths in the area range from 500 to 2,500 meters (1,640 to 8,202 ft).
The first two research phases of the initial exploration stage have already been completed. These included 2D and 3D seismic surveys carried out in 2022 and 2023. The concession is now approaching the key decision point of whether to enter the third and final exploration phase, which would include exploratory drilling.
The Block 10 request comes as part of Chevron’s broader expansion in Greece, as the two companies have already signed lease agreements with the Greek state for four additional offshore areas south of Crete and the Peloponnese Peninsula:
- South Crete 1
- South Crete 2
- South of Peloponnese
- Block A2
These agreements cover approximately 47,000 square kilometers and have been considered a major step in Greece’s efforts to revive its offshore oil and gas exploration sector.
Greek authorities have described Chevron’s latest request as another indication of growing international interest in the country’s offshore exploration potential. If approved, Chevron’s entry into Block 10 would strengthen its presence in Greece’s exploration and production sector, while also deepening its partnership with HELLENiQ ENERGY in offshore hydrocarbon exploration.
The project is also expected to have a broader impact on both Greece and the wider Eastern Mediterranean region. From an energy perspective, expanding offshore exploration could help Greece strengthen its energy security, reduce dependence on imported energy, and reinforce its position as a more important regional energy hub.
From an investment perspective, Chevron’s involvement reflects growing confidence among global companies in Greece’s energy sector and could contribute to attracting further foreign investment, supporting infrastructure development, and creating new economic opportunities in the region.
