Chevron to Take 70% Stake and Operatorship in Greek Block 10 Offshore
CVX•Chevron will acquire a 70% stake and operatorship in Greece’s Block 10 offshore concession, with HELLENiQ ENERGY retaining 30%. Block 10, now in its second exploration phase after completing 2D and 3D seismic surveys, joins four existing Chevron-HELLENiQ concessions as partners begin technical evaluation and target identification.
1. Acquisition Terms
Chevron has agreed to acquire a 70% participating interest and operatorship in the Block 10 offshore concession in the Southern Ionian Sea from HELLENiQ ENERGY, which will retain a 30% stake. This transaction marks Chevron’s fifth offshore project partnership in Greek waters.
2. Exploration Status
Block 10 is entering its second exploration phase following completion of 2D and 3D seismic surveys. Partners will now focus on detailed technical evaluation and identification of potential drilling targets to assess commercial hydrocarbon resources.
3. Strategic Implications
The deal enhances Chevron’s Mediterranean portfolio and leverages its deepwater expertise in a frontier area with underexplored basins. Expanding collaboration with HELLENiQ ENERGY aims to create operational synergies and strengthen long-term exploration upside.
