Hellenic Petroleum Holdings S.A.

Chevron plans to begin seismic research in offshore blocks around Greece by the end of this year, country manager Beatrice Bienvenu told Greek energy minister Stavros Papastavrou during a meeting in New York. The survey will cover the Ionian Sea and areas south of the Peloponnese and Crete. Chevron earlier this year acquired a 70% stake from Helleniq Energy in an offshore block southwest of the Ionian Sea, and a Chevron-led consortium also secured exclusive lease agreements to explore for natural gas across three additional deep-sea blocks off the Peloponnese and Crete. The Chevron and Helleniq Energy agreements cover four offshore blocks — South Crete 1, South Crete 2, South of Peloponnese and Block A2 — spanning approximately 47,000 square kilometers in total. The seismic work is an initial step rather than a move toward immediate commercial production, and the joint venture has outlined a three-phase exploration program covering seismic data acquisition, exploratory drilling and reservoir analysis. Chevron already holds active natural gas fields in Israel and interests in Egypt and Cyprus, and the Greek campaign extends that Eastern Mediterranean footprint.

HelleniQ Energy signed an agreement on June 16 to grant Chevron a 70% interest in the Block 10 offshore concession in the Kyparissiakos Gulf, Greece. HelleniQ Energy will retain a 30% stake, while Chevron will assume project operatorship and use its deepwater exploration expertise to evaluate the region's hydrocarbon potential. This is the fifth joint offshore concession between the two companies in Greece, following earlier collaborations south of Crete and the Peloponnese. Block 10 is in the second phase of its exploration program, having already completed 2D and 3D seismic surveys that provided critical insights into the area's complex geology. Both companies said the agreement strengthens their strategic alignment in the Mediterranean, a key growth area for Chevron's global exploration portfolio, and they plan further technical analysis to guide future drilling decisions.