The procedures for Chevron to enter Block 10, the offshore concession located off the Kyparissiakos Gulf in the southern Ionian Sea, have been completed, paving the way for the final transfer of a participation stake from HELLENiQ ENERGY to the American energy giant.

Following approvals from the Greek Ministry of Environment and Energy, the Hellenic Hydrocarbons and Energy Resources Management Company (EDEYEP), and the Ministry of Foreign Affairs regarding foreign direct investment, Chevron is expected within days to acquire a 70% interest in the concession and assume the role of operator. HELLENiQ ENERGY’s stake will be reduced to 30%.

Discussion at the Ministry of Environment and Energy

The development was discussed on Monday, June 15, 2026, during a working meeting at the Ministry of Environment and Energy attended by:

• Stavros Papastavrou, Minister of Environment and Energy
• Nikos Tsafos, Deputy Minister
• Despina Paliarouta, Secretary General for Energy and Mineral Raw Materials
• Kimberly Guilfoyle, U.S. Ambassador to Greece
• Aristofanis Stefanatos, CEO of EDEYEP
• Andrew Deighan, Chevron’s Director of Exploration for the Middle East and North Africa
• Andreas Siamisiis, CEO of HELLENiQ ENERGY

Chevron’s Request for Block 10

Chevron and HELLENiQ ENERGY officially submitted their request on May 28. In addition to Chevron’s entry into Block 10, the companies requested:

• Transfer of the operator role from HELLENiQ ENERGY to Chevron.
• A 15-month extension of the second exploration phase.

Block 10 has already undergone substantial exploration work, including geological, geophysical, and environmental studies, as well as 2D and 3D seismic surveys. The new joint venture will now evaluate the data and determine whether to proceed to the third exploration phase, which includes drilling an exploratory well.

Fifth Offshore Concession in Greece

This concession becomes the fifth offshore area in Greece where the Chevron–HELLENiQ ENERGY partnership is active, following four newer offshore blocks south of Crete and south of the Peloponnese.

Government Perspective

Minister Stavros Papastavrou described Chevron’s participation in a fifth offshore exploration area as another important step toward the responsible development of Greece’s natural resources. He stated that the project supports energy security, could significantly increase public revenues, and demonstrates the confidence of major international investors in Greece’s economic and regulatory environment.

He also emphasized that Greece has established itself as a reliable energy partner in the Eastern Mediterranean and continues to strengthen its energy resilience while attracting high-value investments.

U.S. Ambassador’s Comments

U.S. Ambassador Kimberly Guilfoyle said that hydrocarbon development in Greece, supported through partnerships such as Chevron and HELLENiQ ENERGY, strengthens the region’s energy architecture.

According to Guilfoyle, the cooperation helps accelerate Greece’s emergence as a regional energy hub and a strategic pillar of energy security in Southeastern Europe, demonstrating what can be achieved when the United States and its close allies work together.

Chevron’s Position

Andrew Deighan described the agreement as another significant milestone for Chevron as it expands its Mediterranean exploration portfolio.

He noted that Chevron, together with HELLENiQ ENERGY and the Greek state, looks forward to evaluating the hydrocarbon potential of Block 10. He added that Chevron’s global expertise in oil and gas development, combined with the local experience of its Greek partner, could help unlock new energy resources in the region.

HELLENiQ ENERGY’s View

CEO Andreas Siamisiis said Chevron’s entry into Block 10 aligns the ownership percentages of both companies across all their southern Ionian exploration blocks, creating a larger and more integrated exploration area.

He added that flexible portfolio management and the ability to operate across larger regions are attractive to leading energy companies and can create synergies in both exploration and potential future development.

EDEYEP’s Assessment

EDEYEP CEO Aristofanis Stefanatos highlighted that all approvals were completed in less than 20 days, calling it an exceptional administrative achievement and another milestone for Greece’s hydrocarbon exploration program.

He welcomed Chevron’s assumption of the operator role in another Greek exploration concession and said the development once again confirms international investor confidence in Greece’s offshore energy potential and the ability of Greek institutions to support strategic investments efficiently, transparently, and quickly.