Chevron and HELLENiQ ENERGY have submitted an official request for Chevron's participation in the concession AREA 10 (Block 10), which is located off the coast of the Kyparissia Gulf, in the sea area of the South Ionian Sea. At the same time, the companies also submitted a request to the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) for the transfer of the role of Operator from HELLENiQ ENERGY to Chevron for the same concession.

The application would see the acquisition by Chevron of a 70% stake from HELLENiQ ENERGY, which currently holds 100% of the concession rights. Upon completion of the relevant process and subject to the required approvals, the participation in the concession will be 70% for Chevron and 30% for HELLENiQ ENERGY, while Chevron will also assume the role of agent.

The research programs for the 1st and 2nd Research Phases of the Basic Research Stage have been completed, and the decision to enter the 3rd and last Research Phase concerning the execution of exploratory drilling is pending. HEREMA is also 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 that have emerged from the 2D and 3D seismic surveys and to take into account the rest of the data that will be acquired from the neighboring concession areas, as the decisions of the companies are always taken with the overall management of their portfolio in mind.

This development is another indication of the growing international interest in the country's research potential and follows the strengthening of the presence of large international energy companies in the Greek hydrocarbon exploration market.

Chevron and HELLENiQ ENERGY have already signed lease agreements with the Hellenic Republic for four new offshore areas south of Crete and the Peloponnese.

The Minister of Environment and Energy, Mr. Stavros Papastavrou, stated:
"Chevron's decision to participate in another offshore area of our country together with HELLENiQ ENERGY, is an important development for the national effort to develop the hydrocarbons sector. It confirms that our country is now at the core of major energy agreements 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 underwater wealth is a national matter 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."

KeyFacts Energy: Chevron Greece country profile   l   HELLENiQ Greece country profile