A consortium between Chevron Corp and Greece’s Helleniq Energy Holdings SA on Monday signed lease agreements to explore four blocks on Greece’s side of the Mediterranean Sea.
Two of the blocks are in the south of the island of Crete, South Crete 1 and South Crete 2, and two are in the Peloponnese peninsula, Block A2 and South of Peloponnese. The areas span a total of about 47,000 square kilometers (18,146.79 square miles), Helleniq Energy said in a press release.
The agreements provide for a three-phase exploration program, the Athens-based integrated energy company said.
“The target areas lie in ultra-deepwater settings – some beyond 1,500 meters [4,921.26 feet] of sea depth – with complex geological structures”, Helleniq Energy added.
Houston, Texas-based energy giant Chevron said separately, “Under the terms of the lease agreements, the consortium will complete 2D and 3D seismic exploration work programs in phase one of the leases, to assess the hydrocarbon potential of the areas”.
Helleniq Energy chief executive Andreas Shiamishis said, “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”.
Chevron vice president for exploration Kevin Mclachlan said, “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”.
The lease agreements are subject to ratification by the Hellenic Parliament, the partners said.
Chevron owns a 70 percent operating stake in the consortium. Helleniq Energy holds 30 percent.
On the other side of the Mediterranean Sea, Chevron said last week it has won an onshore block under Libya’s 2025 bidding round, marking its entry into the North African country. Contract Area 106 is in the Sirte Basin.
“Libya has significant proven oil reserves and a long history of producing its resources”, McLachlan said in an online statement February 11.
Also this month Chevron secured memorandums of understanding to “evaluate opportunities” in Turkiye and Syria, according to the company.
Elsewhere in the Mediterranean region, Chevron operates two natural gas-producing fields offshore Israel, Leviathan and Tamar. Last month Chevron and its local partners agreed on a $2.36-billion final investment decision for stage 1 of a project to raise production in Leviathan.
Expected to start operation in the second half of 2029, the first stage of Phase 1B aims to increase capacity to about 21 billion cubic meters (741.61 billion cubic feet) a year, consortium member NewMed Energy LP said in a stock filing January 16. On August 21, 2025 NewMed Energy said the Energy and Infrastructures Ministry had approved Phase 1B.
In the Cypriot sector of the Mediterranean, Chevron is developing the Aphrodite gas field. The company and its partners sanctioned the project’s front-end engineering design late last year, as announced by partner NewMed Energy December 23, 2025.
In Egypt, Chevron operates two exploration blocks. It is also part of a joint venture in the Egyptian Mediterranean.
To contact the author, email jov.onsat@rigzone.com
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