Chevron Corporation has signed lease agreements with the Hellenic Republic covering four offshore exploration blocks in Greece, strengthening its exploration portfolio in the Eastern Mediterranean.
The agreements were executed via four Dutch subsidiaries of Chevron Corporation, together with HELLENiQ ENERGY, and are intended to enable exploration of four blocks offshore Greece. The blocks are located south of Crete (South Crete 1, South Crete 2) and within the Peloponnese (South of Peloponnese, and Block A2).
Under the awarded consortium structure, Chevron Corporation holds a 70% operating interest and HELLENiQ ENERGY holds a 30% interest. The consortium was selected following an international call for tender launched by the Greek government in 2025.
In phase one of the leases, the consortium will complete 2D and 3D seismic exploration work programmes to assess the hydrocarbon potential of the areas. The lease agreements are subject to ratification by the Greek Parliament.
In the Mediterranean region, Chevron Corporation’s assets include two gas-producing fields offshore Israel and the Aphrodite gas field currently in development offshore Cyprus. In Egypt, Chevron Corporation is the operator of two Egyptian exploration blocks and is a non-operated joint venture partner in the Mediterranean Sea.
On 11 February 2026, Chevron Corporation was the winning bidder for onshore block S4 in Libya, following the signing of a Memorandum of Understanding to evaluate the development and exploration potential of onshore Libya. Also in February, Chevron Corporation was awarded MoUs with Turkey and Syria to evaluate opportunities.
The Dutch subsidiaries involved are Chevron Greece Holdings (A2) B.V., Chevron Greece Holdings (S Peloponnese) B.V., Chevron Greece Holdings (S Crete 1) B.V. and Chevron Greece Holdings (S Crete 2) B.V..
