Chevron Secures 47,000 km² Greek Offshore Lease with 70% Stake
Chevron and Helleniq Energy signed lease agreements for four offshore blocks south of Crete and the Peloponnese over 47,000 km², with Chevron holding 70% operator interest and Helleniq 30%. The three-phase ultra-deepwater program targets depths beyond 1,500 meters and requires Greek Parliament ratification before seismic surveys and drilling.
1. Lease Agreement Details
Chevron and Helleniq Energy formally signed lease agreements for four offshore blocks—South Crete 1, South Crete 2, South of Peloponnese and Block A2—covering over 47,000 km². Chevron holds a 70% operator interest while Helleniq Energy holds 30%.
2. Three-Phase Ultra-Deepwater Exploration Program
Under the contracts, the consortium will execute a three-phase exploration program including seismic surveys, appraisal drilling and evaluation. The target areas lie in water depths exceeding 1,500 meters and require ratification by the Greek Parliament before work can commence.
3. Strategic Implications for Chevron
This deal enhances Chevron’s Mediterranean footprint alongside ExxonMobil’s existing operations, positioning the company to tap potential giant gas reserves. High technical risks in ultra-deepwater settings and pending approvals remain key factors for project valuation.