A consortium between Chevron Corp and Greece’s Helleniq Power Holdings SA on Monday signed lease agreements to discover 4 blocks on Greece’s facet of the Mediterranean Sea.
Two of the blocks are within the south of the island of Crete, South Crete 1 and South Crete 2, and two are within the Peloponnese peninsula, Block A2 and South of Peloponnese. The areas span a complete of about 47,000 sq. kilometers (18,146.79 sq. miles), Helleniq Power stated in a press launch.
The agreements present for a three-phase exploration program, the Athens-based built-in power firm stated.
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“The goal areas lie in ultra-deepwater settings – some past 1,500 meters [4,921.26 feet] of sea depth – with advanced geological buildings”, Helleniq Power added.
Houston, Texas-based power large Chevron stated individually, “Underneath the phrases of the lease agreements, the consortium will full 2D and 3D seismic exploration work applications in part one of many leases, to evaluate the hydrocarbon potential of the areas”.
Helleniq Power chief govt Andreas Shiamishis stated, “Our participation in offshore exploration displays a value-driven method, centered on selective investments and partnerships that mix scale, technical excellence and deep business expertise. The collaboration with Chevron, one of many world’s main power firms, considerably strengthens this effort and underlines the significance we place on working alongside companions with confirmed experience in advanced offshore environments”.
Chevron vp for exploration Kevin Mclachlan stated, “That is one other vital milestone for Chevron as we proceed constructing momentum within the Mediterranean area, an space the place we have already got a big place and are actively pursuing exploration alternatives to additional strengthen and increase our portfolio”.
The lease agreements are topic to ratification by the Hellenic Parliament, the companions stated.
Chevron owns a 70 % working stake within the consortium. Helleniq Power holds 30 %.
On the opposite facet of the Mediterranean Sea, Chevron stated final week it has received an onshore block underneath Libya’s 2025 bidding spherical, marking its entry into the North African nation. Contract Space 106 is within the Sirte Basin.
“Libya has important confirmed oil reserves and an extended historical past of manufacturing its assets”, McLachlan stated in a web-based assertion February 11.
Additionally this month Chevron secured memorandums of understanding to “consider alternatives” in Turkiye and Syria, in line with the corporate.
Elsewhere within the Mediterranean area, Chevron operates two pure gas-producing fields offshore Israel, Leviathan and Tamar. Final month Chevron and its native companions agreed on a $2.36-billion ultimate funding resolution for stage 1 of a challenge to lift manufacturing in Leviathan.
Anticipated to begin operation within the second half of 2029, the primary stage of Part 1B goals to extend capability to about 21 billion cubic meters (741.61 billion cubic toes) a yr, consortium member NewMed Power LP stated in a inventory submitting January 16. On August 21, 2025 NewMed Power stated the Power and Infrastructures Ministry had accepted Part 1B.
Within the Cypriot sector of the Mediterranean, Chevron is creating the Aphrodite fuel area. The corporate and its companions sanctioned the challenge’s front-end engineering design late final yr, as introduced by associate NewMed Power December 23, 2025.
In Egypt, Chevron operates two exploration blocks. It is usually a part of a three way partnership within the Egyptian Mediterranean.
To contact the writer, e mail jov.onsat@rigzone.com
