GREEK REPORTER
Chevron Moves to Join Greece’s Block 10 Off Kyparissia Gulf
Chevron and HELLENiQ ENERGY have filed an official request for Chevron to enter Greece’s Block 10 concession in the Gulf of Kyparissia, the Greek Ministry of Environment and Energy announced.
The request marks another step in the US energy giant’s growing involvement in Greece’s offshore hydrocarbon exploration sector. If approved, Chevron would acquire a 70 percent stake in Block 10 and assume the role of operator, while HELLENiQ ENERGY would retain the remaining 30 percent.
The offshore area is currently held by HELLENiQ ENERGY. Under the proposal submitted by the two companies, Chevron would replace HELLENiQ ENERGY as operator, placing the US company in charge of the concession’s next exploration steps.
Chevron seeks operator role in Greece’s block 10
Block 10 is located offshore in the southern Ionian Sea, near the Gulf of Kyparissia. The concession covers about 2,735 square kilometers (1,055 sq mi), while water depths in the area range from 500 to 2,500 meters (1,640 to 8,202 ft).
The first two research phases of the initial exploration stage have already been completed. These included 2D and 3D seismic surveys carried out in 2022 and 2023. The concession is now approaching the key decision point of whether to enter the third and final exploration phase, which would include exploratory drilling.
Greece reviews extension request for block 10 exploration
At the same time, the Hellenic Hydrocarbons and Energy Resources Management Company, also known as EDEYEP or HEREMA, is examining a request for an eighteen-month extension of the second exploration phase. Such an extension would give the proposed Chevron–HELLENiQ ENERGY partnership additional time to jointly review the seismic data already collected. It would also allow the companies to assess those findings together with data from nearby offshore concessions.
The ministry has said such decisions are made with the wider management of company portfolios in mind, meaning the companies are expected to evaluate Block 10 alongside neighboring exploration areas before deciding on the next stage.
Greece says Block 10 review will follow offshore safety rules
The Ministry of Environment and Energy has said the evaluation of the requests will be carried out under Greece’s existing institutional and contractual framework. It was added that the process will follow the required procedures, technical standards, and safety and environmental protection regulations that govern offshore hydrocarbon exploration in Greece.
Any move toward drilling therefore remains subject to regulatory approval, technical assessment, and the completion of the required steps under the concession framework.
Chevron and HELLENiQ ENERGY build wider partnership in Greece
The Block 10 request follows a broader expansion of Chevron’s presence in Greece. Chevron and HELLENiQ ENERGY have already signed lease agreements with the Greek state for four offshore areas south of Crete and the Peloponnese. Those areas are South Crete 1, South Crete 2, South of Peloponnese, and Block A2.
As in the proposed Block 10 arrangement, Chevron holds 70 percent and acts as operator in those four concessions, while HELLENiQ ENERGY holds the remaining 30 percent. The earlier agreements covered approximately 47,000 square kilometers (18,147 sq mi) and were presented as a major step in Greece’s effort to revive offshore hydrocarbon exploration.
Greece points to rising international interest
Greek authorities have described Chevron’s latest request as another indication of growing international interest in the country’s offshore exploration potential.
If the request is approved, Chevron’s entry into Block 10 would further expand its upstream footprint in Greece and deepen its partnership with HELLENiQ ENERGY in the country’s offshore hydrocarbon sector.
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