US oil giant Chevron has filed an official request to acquire a 70% stake from Helleniq Energy in the offshore “Block 10” hydrocarbon concession of Greece’s western coast, the Energy Ministry said on Thursday.
The concession area lies offshore of the Kyparissiakos Gulf in the southern Ionian Sea. Chevron and Helleniq also submitted a request for Chevron to assume the role of operator for the block, replacing the Greek energy group.
Helleniq currently holds 100% of the concession rights. If the transaction receives the necessary approvals, Chevron will control 70% of the block, with Helleniq retaining the remaining 30%.
The ministry said the first and second exploration phases had already been completed, while a decision remains pending on whether to proceed to the third and final phase involving exploratory drilling.
At the same time, Greece’s hydrocarbon management authority is evaluating a request for an 18-month extension of the second exploration phase to allow the companies to jointly assess data from 2D and 3D seismic surveys, as well as findings from neighboring offshore concessions.
