Chevron, Helleniq Energy win leases to explore four blocks offshore Greece

U.S.-headquartered Chevron, through its four Dutch subsidiaries, and Greece’s Helleniq Energy have signed lease agreements with the Greek government for the exploration of four blocks offshore Greece.

The awarded consortium, in which Chevron holds a 70% operating interest and Helleniq Energy a 30% interest, was selected following an international call for tender launched by the Greek government in 2025.

Two blocks are located south of Crete (South Crete 1, South Crete 2) and two within the Peloponnese (South of Peloponnese and Block A2).

Under the terms of the agreements, the consortium will complete 2D and 3D seismic exploration work programs in phase one to assess the areas’ hydrocarbon potential.

The lease agreements are now subject to the Greek Parliament’s ratification.

“This is another important milestone for Chevron as we continue building momentum in the Mediterranean region, an area where we already have a significant position and are actively pursuing exploration opportunities to further strengthen and expand our portfolio,” said Kevin McLachlan, Vice President of Exploration at Chevron.

“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.”