Greece Approves Chevron Entry Into Block 10 Offshore Gas Concession
By Bosphorus News Energy Desk
Greece approved Chevron's entry into the Block 10 offshore gas concession at a meeting in Athens on Monday, clearing the way for the U.S. energy company to take a 70% stake and operator role in the southern Ionian Sea block alongside HELLENiQ ENERGY.
The Greek Environment and Energy Ministry said the farm-in process is expected to be completed in the coming days, after administrative approvals by the ministry and the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA), as well as foreign direct investment clearance from the Greek Foreign Ministry.
The approval turns a May 28 application into a formal transfer process. Chevron and HELLENiQ ENERGY had asked Greek authorities to move a 70% stake and the operator role in Block 10 to the U.S. company, placing the Ionian Sea block inside Chevron's expanding Greek offshore portfolio while leaving HELLENiQ ENERGY with a 30% position.
Block 10 lies off the Kyparissia Gulf in the maritime area of the southern Ionian Sea. Greek officials said the first and second exploration phases of the basic exploration stage have already been completed, including geological, geophysical and environmental studies.
The available data set was expanded in 2022 through the acquisition of 1,210 kilometers of 2D seismic data. That was followed by 2,416 square kilometers of 3D seismic data covering 88% of the concession area. The new Chevron-HELLENiQ ENERGY consortium will assess the data before deciding whether to enter the third exploration phase, which includes an exploratory well.
The approval gives Chevron a fifth Greek offshore position with HELLENiQ ENERGY. The two companies already signed lease agreements with the Hellenic Republic for four new offshore areas south of Crete and south of the Peloponnese, creating a wider Greek exploration portfolio in which Chevron holds the operator role and HELLENiQ ENERGY remains the local partner.
The meeting at the Environment and Energy Ministry brought together Energy Minister Stavros Papastavrou, Deputy Energy Minister Nikos Tsafos, U.S. Ambassador Kimberly Guilfoyle, HEREMA chief executive Aristofanis Stefatos, Chevron Middle East and North Africa exploration director Andrew Deighan and HELLENiQ ENERGY chief executive Andreas Shiamishis.
Papastavrou presented Chevron's entry into Block 10 as part of Greece's effort to develop national resources, strengthen energy security and attract investors into the country's offshore exploration program. Guilfoyle linked the Chevron-HELLENiQ ENERGY partnership to the regional energy architecture and Greece's role in energy security across Southeastern Europe.
Papastavrou also tied the day's energy agenda to market pressure from the Middle East, telling Greek media that signs of de-escalation and reports about the possible reopening of the Strait of Hormuz had already fed into lower oil and gas prices, though he warned that the crisis could still affect energy markets for weeks or months.
The Greek approval comes as Chevron's offshore expansion has become part of a larger Eastern Mediterranean energy file. Türkiye objected in February to Greek offshore activity linked to areas south of Crete, citing the 2019 Türkiye-Libya maritime jurisdiction memorandum, while Greece has said its energy policy follows international law. Block 10 sits farther west in the Ionian Sea, outside the most sensitive Crete-centered maritime dispute areas.
The immediate decision point now moves from administrative approval to exploration strategy. Chevron and HELLENiQ ENERGY must review the seismic package and decide whether Block 10 can justify the next phase, where the project would shift from data evaluation to a possible exploratory drilling program.
Sources: Greek Environment and Energy Ministry, HEREMA, HELLENiQ ENERGY, Chevron, Reuters, SKAI, Athina 9.84, Bosphorus News review and reporting.