Helleniq Energy, in partnership with Chevron, signed lease agreements with the Hellenic Republic to explore four offshore blocks south of Crete and the Peloponnese, marking a key milestone in Greece’s upstream development.

Chevron holds a 70 per cent stake and will operate the project, while Helleniq Energy holds 30 per cent.

The blocks, including South Crete 1, South Crete 2, South of Peloponnese, and Block A2, span about 47,000 sq km.

The joint venture will conduct a three-phase exploration program in ultra-deepwater areas, some over 1,500 m deep, with complex geology.

The agreements now await ratification by the Hellenic Parliament.

Andreas Shiamishis, CEO of Helleniq Energy, commented: "This new concession agreement represents a strategically important step in Helleniq Energy’s long-term growth strategy and the further diversification of our portfolio. While investing in the energy transition, we recognise that hydrocarbons will continue to play a critical role in ensuring security of supply for many years to come."

Shiamishis added: "Our participation in offshore exploration reflects a value-driven approach, focused on selective investments and partnerships that combine scale, technical excellence and deep industry experience. The collaboration with Chevron, one of the world’s leading energy companies, significantly strengthens this effort and underlines the importance we place on working alongside partners with proven expertise in complex offshore environments".

Gavin Lewis, Chevron’s Vice-President, Global New Ventures, stated: "We look forward to working with our partners Helleniq Energy and the Hellenic Republic to evaluate the hydrocarbon potential of these frontier areas. With our expertise in developing oil and gas projects worldwide, Chevron has the resources, experience, and technology to advance and unlock new energy supplies in this frontier region".