With the participation of the American company Chevron and HelleniQ Energy in Block 10, offshore the Kyparissia Gulf, Greece is taking another decisive step in its effort to exploit its domestic energy potential in the hydrocarbons sector.

The entry of one of the world’s largest energy groups into hydrocarbon exploration in the Ionian Sea confirms the growing international interest in Greek offshore concessions, as well as the strategic importance the country is acquiring in the region’s new energy planning.

This development comes just days after confirmation from the Ministry of Environment and Energy that ExxonMobil is returning to the Greek State the “West of Crete” block, choosing not to proceed to the next phase of exploration work in that concession.

According to the Ministry, Chevron and HELLENiQ ENERGY have submitted an official request for the American company’s participation in the concession of the offshore area “Block 10” in the Southern Ionian Sea, as well as a request to the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) for the transfer of the operator role from HELLENiQ ENERGY to Chevron.

The agreement provides for Chevron to acquire a 70% stake in the concession, while HELLENiQ ENERGY will retain the remaining 30%. At the same time, Chevron will also assume the role of operator of the joint venture.

This development is particularly significant, as the exploration programs of the first and second phases have already been completed, and what remains is the decision to proceed to the third and final phase, which involves exploratory drilling.

At the same time, HEREMA is examining a request for an 18-month extension of the second exploration phase, so that the new consortium can fully evaluate data from 2D and 3D seismic surveys, as well as information arising from neighboring concession areas.

Government sources note that Chevron’s participation in Block 10 is another indication of the growing international interest in Greece’s hydrocarbon prospects, following recent agreements for new offshore areas south of Crete and the Peloponnese.

“The Greece is continuously strengthening its position on the energy map of the Eastern Mediterranean”

The Minister of Environment and Energy, Stavros Papastavrou, described the development as “important for the national effort to develop the hydrocarbons sector,” noting that Greece is now “at the core of major energy agreements and investments.”

He stressed that Chevron’s presence constitutes a “strong vote of confidence” in the prospects of the Greek economy and the country’s energy strategy, adding that “Greece is continuously strengthening its position on the energy map of the Eastern Mediterranean.”