A formal request for Chevron’s participation in the Block 10 concession, offshore Kyparissia Gulf, has been submitted by Chevron and HELLENiQ ENERGY, the Ministry of Environment and Energy announced today.
This is a marine area that has been granted to HELLENiQ ENERGY and in which – according to the request submitted by the two companies – Chevron will enter with a 70% share, also assuming the role of Operator in the concession. The area covers an area of 2,735.79 square kilometres and the depth of the sea ranges from 500 to 2,500 metres.
As noted by the Ministry of Environmental Protection, the exploration programs for the 1st and 2nd Exploration Phases of the Main Exploration Stage have been completed, and the decision to enter the 3rd and final Exploration Phase, which involves drilling an exploratory well, is pending. It should also be noted that the NEDEP is evaluating a request for an 18-month extension of the second exploration phase, in order for the consortium under formation to jointly evaluate the data obtained from the 2D and 3D seismic surveys conducted in 2022 and 2023 and to take into account the other data to be acquired from the neighbouring concession areas, as the companies’ decisions are always made with the overall management of their portfolio in mind.
“The evaluation process of the applications will take place in accordance with the current institutional and contractual framework, with respect to the prescribed procedures, technical requirements and the high standards of safety and environmental protection that govern offshore hydrocarbon exploration activities in Greece,” the Ministry of Environment and Natural Resources said, adding:
This development is yet another indication of the growing international interest in the country’s exploration potential and comes in the wake of the strengthening presence of major international energy companies in the Greek hydrocarbon exploration market.
The Minister of Environment and Energy, Stavros Papastavrou, said: “Chevron’s decision to participate in another of our country’s offshore areas alongside HELLENiQ ENERGY is a significant development for the national effort to develop the hydrocarbon sector. It confirms that our country is now at the heart of major energy deals and investments. It is another strong vote of confidence in the Government of Kyriakos Mitsotakis and in the prospects of our country. The exploration and exploitation of our undersea wealth is a national cause and requires institutional credibility. With a plan, consistency and national self-confidence, Greece is constantly strengthening its position on the energy map of the Eastern Mediterranean.”
