The completion of all administrative steps for the entry of the American company Chevron into Block 10 (Gulf of Kyparissia) was announced today by the Minister of Environment and Energy, Mr. Stavros Papastavrou, and the CEO of the Hellenic Hydrocarbon and Energy Resources Management Company (EDEYEP), Mr. Aristophanes Stefatos.

The announcement was made at a meeting at the Ministry of Environment and Energy, which was also attended by the Deputy Minister, Mr. Nikos Tsafos, the Secretary General for Energy and Mineral Resources, Ms. Despoina Paliarouta, the U.S. Ambassador to the Hellenic Republic, Ms. Kimberly Guilfoyle, Chevron’s Director of Research for the Middle East and North Africa, Mr. Andrew Deighan, HELLENiQ ENERGY CEO Mr. Andreas Siamis, as well as other senior executives from the companies.

The area had been awarded to HELLENiQ ENERGY, which is transferring 70% of the concession to Chevron, which will also assume the role of operator in the area. The process began on May 28 following an official request by Chevron and HELLENiQ ENERGY for Chevron’s participation in the concession

As reported by the Ministry of Environment and Energy

With the completion of the application approval process by the Ministry of Environment and Energy and the Hellenic Investment Promotion Agency (EDEP), and the corresponding approval of the ‘Foreign Direct Investment by the Ministry of Foreign Affairs, the way is officially paved for the completion of the farm-in transfer between the two companies, which is expected in the coming days.

It should be noted that the exploration programs for the 1st and 2nd Exploration Phases of the Basic Exploration Stage in the concession have been completed, with the conduct of geological, geophysical, and environmental studies. With the acquisition of 1,210 kilometers of 2D seismic data in 2022, the available database initially increased by 40%, followed for the first time by the acquisition of 2,416 square kilometers of 3D seismic data covering 88% of the concession. The new Joint Venture will jointly evaluate the data to decide on its entry into the 3rd Exploration Phase, which includes the drilling of an exploration well.

It is recalled that Chevron and HELLENiQ ENERGY have already signed lease agreements with the Hellenic Republic for four new offshore areas, south of Crete and south of the Peloponnese, with Block 10 constituting the fifth concession in which the Joint Venture is now active.

During the meeting, the Minister of Environment and Energy, Mr. Stavros Papastavrou, made the following statement:

“The procedures for Chevron’s entry into Block 10 were completed today. The participation of Chevron, one of the world’s largest energy companies, in the country’s fifth consecutive offshore area for hydrocarbon exploration, represents yet another important step toward the responsible development of our national resources.

This development is being carried out in accordance with the highest international standards, with the aim of strengthening our country’s energy security and the potential for a significant increase in public revenue.

At the same time, this reaffirms the confidence of leading international investors in our country’s prospects and in the stable and effective framework that has been established in recent years.

Greece has established itself as a reliable energy partner in the broader Eastern Mediterranean region. With consistency and a clear plan, it is strengthening our energy resilience, attracting high-value-added investments, and continuously upgrading its geostrategic position.

I would like to thank the officials of the Ministry of Environment and Energy, EDEP, as well as the representatives of Chevron and HELLENiQ ENERGY for their excellent cooperation, which allowed us to complete the process in record time. We are moving forward with confidence and determination so that Greece can fully realize its potential, for the benefit of its citizens and future generations.”

U.S. Ambassador Kimberly Guilfoyle commented:

“The development of Greece’s hydrocarbons, which is being advanced through partnerships such as this one between Chevron and HELLENiQ ENERGY, with the support of the Ministry of Environment and Energy and EDEYEP, deepens and strengthens the region’s energy architecture.

In this way, it accelerates Greece’s emergence as a dynamic regional energy hub and a strategic pillar of energy security in Southeast Europe. It is proof that when the United States and its closest allies work together as one, they can achieve tangible results.”

On behalf of the Joint Venture, Chevron’s Director of Exploration for the Middle East and North Africa, Mr. Andrew Deighan, stated:

“This is yet another significant milestone for Chevron as we continue to build our momentum in the Mediterranean region, a region where we seek to further expand and strengthen our global portfolio of exploration activities.

Together with our partner, HELLENiQ ENERGY, and the Hellenic Republic, we look forward to evaluating the hydrocarbon potential in Block 10, which is located in an exciting, exploration-stage area.

Chevron possesses significant expertise in the development of oil and gas projects on a global scale. We believe that the combination of our partner’s experience and support, in synergy with our own resources and technological capabilities, will contribute to the promotion and utilization of new energy sources in the region.”

Meanwhile, HELLENiQ ENERGY CEO Mr. Andreas Siamis added:

“Chevron’s entry into Block 10 complements our existing partnership and aligns the two companies’ stakes across all blocks in the southern Ionian Sea, a much larger exploration area in which we participate jointly. Mobility and flexibility in concession portfolios and the ability to operate in larger areas are factors that attract leading companies in the industry and enable synergies, initially in exploration and potentially later in development.

The work we had already completed in Block 10 in previous years allowed for a better assessment of the prospects and Chevron’s entry into the entire portfolio. The adjustment of our stake is a move fully consistent with the strategy of managing exploration areas as a dynamic portfolio, in which changes can and should be made depending on prevailing conditions. The consistent strategy and substantive work of recent years, as well as our faster response and cooperation with the relevant authorities, create the conditions for such dynamic moves, which can only have a positive impact on the Company, our country, and the wider region.”

Finally, the CEO of the Hellenic Hydrocarbon and Energy Resources Management Company (EDEYEP), Mr. Aristophanes Stefatos, emphasized:

“The successful completion of all necessary approvals for Chevron’s entry into Block 10, in less than 20 days, represents yet another outstanding administrative achievement and another significant milestone for the Greek hydrocarbon exploration program. I must personally thank the Minister, Mr. Stavros Papastavrou, and the Ministry’s staff for their exceptional cooperation, which made this unprecedentedly swift achievement possible. We welcome Chevron as the operator of yet another exploration concession in Greece, and we look forward to continuing our collaboration with the Chevron-HELLENiQ ENERGY for the next phase of work in Block 10. This is a development that reaffirms the confidence of leading international investors in the country’s offshore potential, and highlights the ability of the Greek State and its institutions to support strategic investments with speed, efficiency, and transparency.”