Chevron requests to join block offshore Greece as operator
Key Highlights
- Chevron requested to join the Block 10 concession in the South Ionian Sea.
- Upon approval, Chevron will become operator of the block.
- A decision for exploratory drilling is pending.
Chevron Corp. and HELLENiQ Energy submitted a formal request for Chevron to join concession AREA 10 (Block 10) in the South Ionian Sea offshore Greece, the Ministry of Environment and Energy said in a May 28 release.
Upon completion of the relevant process and subject to the required approvals, Chevron would become operator and hold 70% interest in the block with HELLENiQ Energy holding the remaining 30%. HELLENiQ currently holds 100% of the concession rights.
The first two Block 10 exploration phases have been completed, and the decision to enter the third and fourth phases for exploratory drilling is pending. An 18-month extension of the second phase has been requested to complete assessment of 2D and 3D seismic survey data to consider additional data acquired from neighboring concession areas.
In February, Chevron and HELLENiQ signed offshore lease agreements for South Crete 1, South Crete 2, South of Peloponnese, and Block A2 with the Hellenic Republic.