Greek officials have announced the completion of all administrative procedures for the entry of US energy company Chevron into Block 10 in the Gulf of Kyparissia, off western Peloponnese.   

The announcement was made by Environment and Energy Minister Stavros Papastavrou and the CEO of the Hellenic Hydrocarbons and Energy Resources Management Company (EDEYEP), Aristofanis Stefatos, on Monday, confirming that the regulatory process for the company’s participation has now been fully finalized.

A Chevron delegation arrived in Athens on Monday for the agreement’s completion.

Block 10, located in the southern Ionian Sea off the Gulf of Kyparissia, was previously held by Helleniq Energy, which has transferred a 70% stake to Chevron following a joint request for participation in the concession.

Papastavrou said that, following the US energy major’s request to join hydrocarbon exploration activities, “the procedures have been completed,” marking Chevron’s expansion into a fifth offshore block in Greece. Chevron and Helleniq Energy have already signed agreements for four other offshore areas south of Crete and the Peloponnese.

The minister noted that the development reflects growing international interest in Greece’s upstream energy sector and supports the country’s broader hydrocarbon strategy. “Chevron’s participation, as one of the largest energy companies worldwide, represents another important step towards the responsible utilization of our national resources,” Papastavrou said.

The exploration program has already completed early phases, including geological, geophysical and environmental studies. The consortium will now evaluate whether to proceed to a third phase, which could include exploratory drilling.

US Ambassador to Greece Kimberly Guilfoyle said the partnership “deepens and strengthens the region’s energy architecture” and helps position Greece as “a dynamic regional energy hub.”

Andrew Deighan, Chevron’s Director of Exploration for North Africa, the Mediterranean, and the Middle East, called the deal “another important milestone,” adding that the company aims to “further expand and strengthen our global exploration portfolio.” 

Helleniq Energy CEO Andreas Siamisis said the joint expansion “creates a much larger exploration area” enabling future synergies from exploration through potential development.

Source: Ekathimerini.com