HELLENiQ ENERGY in collaboration with Chevron, signed today the Lease Agreements with the Hellenic Republic for the exploration of four offshore blocks located south of Crete and the Peloponnese, marking a significant milestone for Greece’s upstream development.
The successful consortium, with Chevron at 70% interest and being the Operator and HELLENiQ ENERGY at 30% interest, was selected following a competitive international tender launched by the Greek State in 2025.
The four offshore blocks - South Crete 1, South Crete 2, South of Peloponnese, and Block A2 - cover a total area of approximately 47 000 km2. Under the terms of the Lease Agreements, the Joint Venture will undertake a three-phase exploration programme to help assess the hydrocarbon potential of the areas.
The target areas lie in ultra-deepwater settings - some beyond 1500 m of sea depth - with complex geological structures.
Andreas Shiamishis, CEO of HELLENiQ ENERGY, commented: “This new concession agreement represents a strategically important step in HELLENiQ ENERGY’s long-term growth strategy and the further diversification of our portfolio. While investing in the energy transition, we recognise that hydrocarbons will continue to play a critical role in ensuring security of supply for many years to come.
Our participation in offshore exploration reflects a value-driven approach, focused on selective investments and partnerships that combine scale, technical excellence and deep industry experience. The collaboration with Chevron, one of the world’s leading energy companies, significantly strengthens this effort and underlines the importance we place on working alongside partners with proven expertise in complex offshore environments”.
Gavin Lewis, Chevron’s Vice President, Global New Ventures, stated: “We look forward to working with our partners HELLENiQ ENERGY and the Hellenic Republic to evaluate the hydrocarbon potential of these frontier areas. With our expertise in developing oil and gas projects worldwide, Chevron has the resources, experience, and technology to advance and unlock new energy supplies in this frontier region”.
The signing ceremony took place in Athens in the presence of the Prime Minister of Greece, Kyriakos Mitsotakis and senior representatives from the Ministry of Environment and Energy, Chevron, and HELLENiQ ENERGY.
Signatory parties were the Minister of Environment and Energy, Stavros Papastavrou and the CEO of Hellenic Hydrocarbons and Energy Resources Management company (HEREMA), Aristofanis Stefatos, representing the Greek state, while Chevron and HELLENiQ ENERGY were represented by Gavin Lewis, VP of Global New Ventures, and by Andreas Shiamishis, Group CEO, respectively.
The Lease Agreements are now subject to ratification by the Hellenic Parliament.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/17022026/helleniq-energy-and-chevron-sign-offshore-concession-agreements-for-hydrocarbon-exploration-and-production-with-the-hellenic-republic/