Chevron Takes 70% Interest in Greek Offshore Exploration Block

Under the statement announced Monday, Chevron volition instrumentality a 70% participating involvement successful the block, located offshore the Kyparissiakos Gulf, portion HELLENiQ ENERGY volition clasp a 30% stake. Chevron volition besides go relation of the concession, leveraging its deepwater exploration expertise.

The woody further strengthens a increasing concern betwixt the 2 companies successful Greece's offshore sector. With the summation of Block 10, Chevron present participates alongside HELLENiQ ENERGY successful 5 offshore concessions successful the country.

Block 10 is presently successful its 2nd exploration phase, with some 2D and 3D seismic surveys already completed. The partners volition present absorption connected further method valuation and the recognition of imaginable drilling targets arsenic they question to unlock hydrocarbon resources successful the area.

HELLENiQ ENERGY CEO Andreas Shiamishis said Chevron's introduction aligns the interests of some companies crossed the Southern Ionian region, creating a larger associated exploration presumption and imaginable operational synergies. He added that the transaction reflects HELLENiQ ENERGY's strategy of actively managing its exploration portfolio portion maintaining vulnerability to aboriginal upside.

Chevron described the statement arsenic different milestone successful its effort to grow its Mediterranean exploration portfolio. Andrew Deighan, Chevron's Director of Exploration for the Middle East and North Africa, said the institution sees important imaginable successful the frontier country and plans to use its planetary expertise and exertion to measure the block's resources.

Chevron has rapidly accrued its vulnerability to Greece's offshore exploration assemblage implicit the past year, signaling increasing manufacture assurance successful the country's mostly underexplored offshore basins and broader Eastern Mediterranean vigor potential.

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