A new chapter is opening for hydrocarbon exploration in Greece with Chevron’s entry into the “Area 10” (Block 10) concession, offshore the Kyparissiakos Gulf in the Southern Ionian Sea.
The Ministry of Environment and Energy announced that Chevron and HELLENiQ ENERGY have submitted an official request for the American company’s participation in the concession, as well as an application to the Hellenic Hydrocarbon and Energy Resources Management Company (HEREMA) for the transfer of the operator role from HELLENiQ ENERGY to Chevron.
Upon completion of the required approvals, Chevron will formally assume the role of operator in the area. The development is considered particularly significant, as it represents another step in strengthening the presence of major international energy groups in Greek hydrocarbon exploration, at a time when the Eastern Mediterranean is gaining increasing geopolitical and energy importance.
The next critical step concerns the decision on entry into the third and final exploration phase, which includes the drilling of an exploratory well.
At the same time, HEREMA is reviewing a request for an 18-month extension of the second exploration phase, allowing the new consortium to jointly assess data from 2D and 3D seismic surveys, as well as information from adjacent concession areas.
As noted, energy companies’ decisions are guided by the overall management of their portfolios and the strategic assessment of available data.
“A vote of confidence” in Greece
The Ministry underlined that the evaluation process will be conducted in accordance with the applicable institutional and contractual framework, with emphasis on technical requirements and the high standards of safety and environmental protection governing offshore operations.
It is recalled that Chevron and HELLENiQ ENERGY have already signed lease agreements with the Greek State for four additional offshore blocks south of Crete and the Peloponnese.
Minister of Environment and Energy Stavros Papastavrou described the development as “an important step for the national effort to develop the hydrocarbons sector.”
“Chevron’s decision to participate in yet another offshore area of our country alongside HELLENiQ ENERGY confirms that Greece is now at the core of major energy agreements and investments,” he said, adding that the country “is steadily strengthening its position on the energy map of the Eastern Mediterranean.”
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