Chevron, HELLENiQ Energy secure Mediterranean blocks offshore Greece

The Chevron-led consortium will undertake a multi-phase exploration program, including seismic surveys, in complex geological structures in deep waters, with agreements pending Greek Parliament ratification.

Feb. 16, 2026

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Chevron, HELLENiQ lease signing — From left: HELLENiQ CEO Andreas Shiamishis; Minister of Environment and Energy Stavros Papastavrou; the US Ambassador to the Hellenic Republic Kimberly Ann Guilfoyle; Prime Minister Kyriakos Mitsotakis; Chevron VP, Global New Ventures, Gavin Lewis; Hellenic Hydrocarbons and Energy Resources Management Company CEO Aristofanis Stefatos; Deputy Minister of Environment and Energy Nikos Tsafos.

Chevron Corp., via its four Dutch subsidiaries, together with HELLENiQ Energy, signed lease agreements with the Hellenic Republic which will enable exploration of four blocks offshore Greece.

The consortium, led by Chevron with a 70% operating interest, was awarded the blocks following an international call for tender launched by the Greek government in 2025, Chevron said in a release Feb. 16.

The four blocks—South Crete 1, South Crete 2, South of Peloponnese, and Block A2—cover a total area of about 47,000 sq km.

Under the terms of the agreements, the consortium will undertake a three-phase exploration program to assess hydrocarbon potential, starting with 2D and 3D seismic exploration work in phase one.

The target areas lie in ultra-deepwater, some in more than 1,500 m of water, with complex geological structures, HELLENiQ said in a separate release.

The agreements are subject to ratification by the Greek Parliament.

Chevron Mediterranean

The awards add to Chevron’s position in the Mediterranean region, an in which the company is actively pursuing exploration opportunities, said Kevin McLachlan, vice-president of exploration at Chevron.

Chevron’s assets in the area include two gas producing fields (offshore Israel), and Aphrodite gas field, which is currently in development (offshore Cyprus). In Egypt, Chevron is operator of two exploration blocks and is in a non-operated joint venture in the Mediterranean Sea.

Last week, Chevron was named the winning bidder for onshore block S4 in Libya following signing of a Memorandum of Understanding (MoU) in the country to evaluate development and exploration potential onshore, while also in February, Chevron was awarded MoUs with Turkey and Syria to evaluate opportunities.

Chevron’s Dutch subsidiaries are Chevron Greece Holdings (A2) BV, Chevron Greece Holdings (S Peloponnese) BV, Chevron Greece Holdings (S Crete 1) BV, and Chevron Greece Holdings (S Crete 2) BV.