Greece approves Chevron's farm-in for offshore Block 10

Greece approved Chevron Corp.'s farm-in to offshore Block 10, clearing the way for the US major to complete its acquisition of a 70% interest and operatorship from HELLENiQ Energy.

Greece's Ministry of Environment and Energy and the Hellenic Hydrocarbon and Energy Resources Management Co. (HHRE) said June 15 that all administrative approvals have been completed for the transfer of the interest and operatorship. Chevron and HELLENiQ submitted the request for approval May 28.

The companies also requested a 15-month extension of the second exploration phase for the block, which lies offshore the Kyparissia Gulf in the southern Ionian Sea. Following completion of the transfer, Chevron will hold a 70% interest and serve as operator, while HELLENiQ will retain the remaining 30%.

Geological, geophysical, and environmental studies have been completed on the concession, including acquisition of 1,210 km of 2D seismic data in 2022 followed by 2,416 sq km of 3D seismic covering 88% of the block. The partners will use the seismic data to evaluate potential drilling targets before deciding whether to proceed to a third exploration phase, which includes an exploratory well.

Chevron and HELLENiQ are already partners in four offshore concessions south of Crete and the Peloponnese, making Block 10 their fifth joint offshore license in Greece.

Chevron said the agreement advances its strategy of expanding its exploration portfolio in the Eastern Mediterranean. Greek officials said the investment reflects confidence in the country's offshore licensing framework and supports its long-term goal of strengthening Greece's role in regional energy supply if exploration proves successful.