Chevron and HELLENiQ ENERGY announced the expansion of their strategic alliance in Greece through the incorporation of the U.S. energy company into Block 10, an offshore concession located in the Ionian Sea.
As part of the agreement, Chevron will acquire a 70% stake and assume the role of operator of the area, while HELLENiQ ENERGY will retain the remaining 30%.
The operation strengthens one of the most significant exploration partnerships currently being developed in the eastern Mediterranean and expands Chevron’s presence in a region considered essential for Europe’s energy future.
Chevron Expands Its Exploration Portfolio in Greece
With the addition of Block 10, Chevron now participates in five offshore concessions alongside HELLENiQ ENERGY. The company has progressively increased its presence in Greece in recent years, supporting the exploratory potential of the country’s marine basins.
The U.S. energy company will assume operation of the block by leveraging its international experience in exploration and development of deepwater projects, while HELLENiQ ENERGY will continue to participate in the evaluation and development of the asset.
According to both companies, the agreement enables the combination of Chevron’s technical and financial capacity with HELLENiQ ENERGY’s local knowledge and operational experience in the Greek market.
Seismic Studies Drive Block 10 Progress
Block 10 is currently in the second phase of exploration. In recent years, 2D and 3D seismic campaigns have been completed, improving geological knowledge of the area and identifying potential targets for future drilling.
The companies indicated that the next stages will focus on continuing to reduce exploratory risks through new technical evaluations and subsurface studies before advancing toward potential drilling campaigns.
The project’s evolution is part of the growth being experienced by the Greek offshore sector, driven by the interest of major international energy companies in the eastern Mediterranean basins.
A Strategic Alliance for the Regional Energy Future
Andreas Shiamishis, Chief Executive Officer of HELLENiQ ENERGY, emphasized that Chevron’s entry into Block 10 strengthens the cooperation between both companies and expands the joint exploration area in the southern Ionian Sea.
For his part, Andrew Deighan, Chevron’s Exploration Director for the Middle East and North Africa, noted that the agreement represents a new step within the company’s expansion strategy in the Mediterranean.
The operation also reinforces Greece’s positioning as an investment destination for offshore exploration and consolidates international interest in identifying new energy supply sources in a region that has acquired growing strategic relevance for Europe in recent years.
Source and photo: https://www.helleniqenergy.com/
