Overview
- Chevron will operate the venture with a 70% stake, while HELLENiQ ENERGY holds 30% following selection through a 2025 international tender.
- The leases cover South Crete 1, South Crete 2, South of Peloponnese and Block A2, spanning roughly 47,000 square kilometers in ultra-deepwater areas.
- Phase one centers on seismic data acquisition to assess hydrocarbon potential, with any exploratory drilling contingent on positive survey results.
- The agreements will take effect only after ratification by the Greek Parliament, which is the next procedural step before field activities begin.
- Greek leaders cast the deals as advancing energy sovereignty as Chevron extends its Eastern Mediterranean portfolio.