Chevron Corporation, acting through its subsidiaries in the Netherlands, has sealed a strategic alliance with the Hellenic Republic for the prospecting of four offshore areas and offshore exploration. This operation, carried out in conjunction with the local firm HELLENiQ ENERGY, positions the US giant as the main operator with a 70% stake, leaving the remaining 30% in the hands of its Greek partner.
Offshore exploration in the Netherlands offshore basins
Certainly, the company’s focus has been on areas with high hydrocarbon potential. high hydrocarbon potential in southern Crete and located in southern Crete and in the Peloponnese region. These areas, called South Crete 1, South Crete 2, South Peloponnese and Block A2, represent frontier regions where state-of-the-art technology will be decisive in quantifying existing reserves. The award is the direct result of an international tender that began in 2025 and is now entering a legislative ratification phase by the Greek Parliament.
The contract also stipulates that the consortium must carry out two- and three-dimensional seismic acquisition programs during the initial stage of the lease. This engineering work is essential to reduce geological uncertainty in the Ionian and Libyan seas. Kevin Mclachlan, the firm’s Vice President of Exploration, has noted that this move seeks to strengthen the asset portfolio in a region where the corporation already has stable operations in Israel, Cyprus and Egypt.
Under this premise, the activity in Greece adds to a series of recent victories in North Africa and the Middle East. Just days before this announcement, the organization obtained rights to the S4 land block in Libya and signed protocols of understanding with Turkey and Syria. This network of concessions suggests a long-term vision to transform the Mediterranean into a reliable and efficient supply hub. The experience accumulated in global projects will be the driving force behind the release of these energy resources for the international and local market.
Source and photo: Chevron