Chevron Enters Block 10 strengthening Greece's position on the Eastern Mediterranean energy map

The concession concerns an offshore area already granted to HELLENiQ ENERGY, in which - according to the request submitted by the two companies - Chevron will acquire a 70% stake, also assuming the role of Operator of the concession. The area covers 2,735.79 sq. km, with water depths ranging from 500 to 2,500 metres.

As noted by the Ministry of Environment and Energy, exploration programs for the First and Second Phases of the Main Exploration Stage have been completed, while a decision is pending regarding entry into the Third and final Exploration Phase, which involves the drilling of an exploratory well. 

"The evaluation process of the requests will be carried out in accordance with the applicable institutional and contractual framework, with full respect for the prescribed procedures, technical requirements, and the high standards of safety and environmental protection governing offshore hydrocarbon exploration activities in Greece," the ministry stated. 

On his part, the Minister of Environment and Energy, Stavros Papastavrou, stated: "Chevron's decision to participate in another offshore area of our country alongside HELLENiQ ENERGY represents an important development for the national effort to develop the hydrocarbons sector. It confirms that Greece is now at the core of major energy agreements and investments. It constitutes yet another strong vote of confidence in the government of Kyriakos Mitsotakis and in the country's prospects. The exploration and utilisation of our offshore resources is a national priority and requires institutional credibility. With planning, consistency and national confidence, Greece continues to strengthen its position on the energy map of the Eastern Mediterranean."