Key Moments
- Chevron has submitted an official request to acquire a 70% stake in an offshore block southwest of Greece from Helleniq Energy.
- Upon approval, Chevron would operate Block 2 in the southwest of the Ionian Sea, with Helleniq Energy retaining a 30% interest.
- The Greek energy ministry is considering extending the timeframe for Chevron and Helleniq to assess completed seismic data before any decision on exploratory drilling.
Chevron Seeks Control of Offshore Block
ATHENS, May 28 (Reuters) – The Greek energy ministry said on Thursday that U.S. oil major Chevron has lodged a formal request to acquire a 70% holding in an offshore exploration block southwest of Greece from Helleniq Energy. The proposed transaction would deepen the United States’ involvement in hydrocarbon activity in the Mediterranean region.
Operatorship and Ownership Structure of Block 2
According to the ministry’s statement, once the request is cleared, Chevron will assume the role of operator of Block 2 in the southwest area of the Ionian Sea and will oversee gas exploration efforts in the block. Helleniq Energy is expected to maintain a 30% interest in the license.
| Asset | Location | Stakeholder | Proposed Interest | Role |
|---|---|---|---|---|
| Block 2 | Southwest of the Ionian Sea, offshore Greece | Chevron | 70% | Proposed operator |
| Block 2 | Southwest of the Ionian Sea, offshore Greece | Helleniq Energy | 30% | Non-operating partner (post-approval) |
Extended Evaluation Period Under Consideration
The ministry added that Greece is weighing whether to grant Chevron and Helleniq additional time to review and interpret seismic survey data that have already been completed for the offshore area. Any future decision on whether to proceed with exploratory drilling in Block 2 will follow this evaluation period, the ministry said.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
