A Chevron-led consortium has signed leases for four blocks covering approximately 47,000 km2 offshore Greece.
Under the terms of the deals announced 16 February, the consortium of Chevron and Helleniq Energy will complete 2D and 3D seismic exploration work programs in phase one of the leases to assess the hydrocarbon potential of the areas.
The awards follow the Greek government’s 2025 international call for tenders.
Helleniq Energy called it one of the largest unexplored offshore areas within the EU.
The South Crete 1 and South Crete 2 blocks are located south of Crete, while blocks A2 and South of Peloponnese are located within the Peloponnese.
The lease agreements are subject to ratification by the Greek parliament.
Minister of Environment and Energy Stavros Papastavrou said the country was inaugurating a new era with the initiation of offshore exploration south of Crete and the Peloponnese, the Greek government announced in a press release.
Chevron said the leases support the supermajor’s exploration strategy in the Mediterranean region, where it operates two gas-producing fields offshore Israel, including Leviathan, which recently received approval for an expansion project. Chevron also operates the Aphrodite gas field offshore Cyprus, which is under development, as well as two exploration blocks offshore Egypt.
"This is another important milestone for Chevron as we continue building momentum in the Mediterranean region, an area where we already have a significant position and are actively pursuing exploration opportunities to further strengthen and expand our portfolio," Kevin Mclachlan, vice president of exploration at Chevron, said in a news release.
Chevron holds 70% operating interest in the consortium, and Helleniq holds the remaining 30%.
In February, Chevron won onshore block S4 in Libya and was awarded memorandums of understanding with Turkey and Syria to evaluate opportunities.
Last year, ExxonMobil farmed into the Energean-operated Block 2 offshore Greece. Exploratory drilling there is expected in late 2026 or early 2027. According to Block 2 partner Helleniq, that drilling operation will be the first exploratory offshore drilling in Greece since 1981, when the well that led to the discovery of the Katakolo hydrocarbon field was completed.