Chevron Seeks 70% Stake in Greece's Block 10 as Eastern Mediterranean Gas Interest Grows
Updated
Updated · Euronews · May 29
Chevron Seeks 70% Stake in Greece's Block 10 as Eastern Mediterranean Gas Interest Grows
5 articles · Updated · Euronews · May 29
Chevron applied to take a 70% stake in Greece's offshore Block 10 and assume operatorship from HelleniQ Energy, which would keep the remaining 30%, pending regulatory approval.
Block 10's first two exploration phases are already complete, while Greece is weighing an 18-month extension before a final third phase that would involve exploratory drilling.
The bid adds to Chevron's regional push: it already operates Cyprus's Aphrodite gas field and has signed leases with HelleniQ for four more offshore areas south of Crete and the Peloponnese.
Greece is drawing renewed interest from U.S. energy majors because of estimated gas reserves and its EU-NATO stability, even after the ExxonMobil-HelleniQ consortium declined to advance the West of Crete block.
Can Greece drill for gas in a vital whale habitat without sparking an environmental and economic catastrophe?
Is Chevron's Greek gas deal more about securing US influence in Europe than boosting Greece's own energy future?
Chevron Targets 70% of Greece’s Block 10: Economic, Geopolitical, and Environmental Stakes in Offshore Gas Exploration
Overview
Chevron has formally requested to acquire a 70% operating stake in Greece's offshore Block 10, with Helleniq Energy retaining a 30% non-operating stake. This move is seen by Greece's Minister of Energy as a crucial step in developing the country's hydrocarbon sector and highlights Greece's growing importance in major energy agreements. The Greek energy ministry is considering granting Chevron and Helleniq Energy an extension to evaluate seismic data, which is necessary before any exploratory drilling decisions are made. This process reflects the careful approach to unlocking Greece's offshore energy potential and attracting significant international investment.