HelleniQ Energy has signed an agreement with Chevron enabling the US-based company to acquire a 70% interest in the Block 10 offshore concession in Greece.
The offshore block is situated in the Kyparissiakos Gulf in the Southern Ionian Sea.
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Under the terms of the agreement, HelleniQ Energy will continue to hold a 30% share in the concession.
Chevron will take on operatorship of the project and is expected to apply its experience in global deepwater exploration.
The collaboration expands the existing partnership between HelleniQ Energy and Chevron, with Block 10 becoming their fifth joint offshore concession in Greece.
The companies previously obtained four other concessions south of Crete and the Peloponnese.
HelleniQ Energy CEO Andreas Shiamishis said: “Chevron’s entry into Block 10 further strengthens our existing partnership and aligns the interests of both companies across all blocks in the Southern Ionian, creating a significantly larger exploration area in which we jointly participate.
“Flexibility within our portfolio, along with the ability to operate across a broader acreage position, are key factors in attracting leading international energy companies and unlocking potential synergies.”
Currently, Block 10 is in phase two of its exploration programme. In this phase, both 2D and 3D seismic surveys were carried out. These studies have advanced understanding of the geological structure and are expected to guide future drilling decisions.
HelleniQ Energy indicated that ongoing assessment and further technical analysis are planned, reflecting continued interest in Greece’s offshore energy resources.
Chevron Middle East and North Africa exploration director Andrew Deighan said: “This is another key milestone for Chevron as we continue to build momentum in the Mediterranean region, an area where we are looking to further expand and strengthen our global exploration portfolio.
“Together with our partner, HelleniQ Energy, and the Hellenic Republic, we are looking forward to evaluating the hydrocarbon potential of Block 10, which is in an exciting frontier area.”
Interest in hydrocarbon exploration in the Kyparissiakos Gulf dates back to 1938, when early shallow drilling and seismic campaigns took place.
Old legacy seismic lines within the block were collected between 1979 and 1982, although much of the older data is sparse or outside the current concession borders.
The geological environment of the Ionian zone, where Block 10 is positioned, is known for its extended period of pelagic sedimentation, with uncertainties remaining about deposits beneath the evaporite layers.
