US oil multinationals are now turning their attention to blocks that are more mature and have a lower investment risk, as part of a broader redesign of their global portfolio. The new strategy is dictated both by the opening of new markets under the Trump administration and by the need to develop new fields more quickly with greater chances of commercial success. This shift could not but affect Greece, where the two giants, ExxonMobil and Chevron, already have a strong presence.
Following ExxonMobil’s entry into “Block 2” in the Ionian Sea, announced last November, Chevron is now expanding its own presence in the same area, a development that highlights the upgraded position of the Ionian Sea in the eyes of international oil companies compared to Crete, which had initially attracted their strongest interest.
The second largest US oil company, which three months ago took over four concessions south of the Peloponnese and Crete, has decided to enter “Block 10” off the Kyparissia Gulf. Chevron is acquiring 70% of the concession rights from Helleniq Energy, which until now held 100%. That request, as the Energy Ministry announced on Thursday, was officially submitted by the two companies, along with a request to state hydrocarbon company EDEYEP for the transfer of the role of operator from Helleniq Energy to Chevron. “Block 10,” with a total area of 2,400 square kilometers, is adjacent to the “A2” plot in its southern part and, in combination with the remaining concessions south of the Peloponnese, creates a single exploration zone of approximately 14,200 square kilometers.
