The Ministry of Environment and Energy announces that Chevron and HELLENiQ ENERGY have submitted a formal request for Chevron’s participation in the Area 10 (Block 10), located off the coast of the Gulf of Kyparissia in the southern Ionian Sea.
At the same time, the companies also submitted a request to the Hellenic Hydrocarbon and Energy Resources Management Company (EDEYEP) for the transfer of the role of operator from HELLENiQ ENERGY to Chevron for the same concession.
The application concerns Chevron’s acquisition of a 70% stake from HELLENiQ ENERGY, which currently holds 100% of the concession rights. Upon completion of the relevant process and subject to the required approvals, the ownership interests in the concession will be 70% for Chevron and 30% for HELLENiQ ENERGY, while Chevron will also assume the role of operator.
It should be noted that the research programs for the 1st and 2nd Research Phases of the Basic Research Stage have been completed, and a decision is pending regarding entry into the 3rd and final Research Phase, which involves the execution of an exploratory well.
It should also be noted that EDEYEP is simultaneously evaluating a request for an 18-month extension of the second exploration phase, so that the consortium currently being formed can jointly evaluate the data obtained from the 2D and 3D seismic surveys and take into account the remaining data to be acquired from neighboring concession areas, as the companies’ decisions are always made with a view to the overall management of their portfolio.
The application evaluation process will take place in accordance with the applicable institutional and contractual framework, in compliance with the prescribed procedures, the technical requirements, and the high standards of safety and environmental protection governing offshore hydrocarbon exploration activities in Greece.
This development, the relevant announcement notes, is yet another indication of the growing international interest in the country’s exploration potential and follows the strengthening of the presence of major international energy companies in the Greek hydrocarbon exploration market. It should be noted that Chevron and HELLENiQ ENERGY have already signed lease agreements with the Hellenic Republic for four new offshore blocks south of Crete and the Peloponnese.
The Minister of Environment and Energy, Mr . Stavros Papastavrou, stated :
“Chevron’s decision to participate in yet another offshore area of our country alongside HELLENiQ ENERGY represents a significant development for the national effort to develop the hydrocarbon sector.
It confirms that our country is now at the heart of major energy agreements and investments. It is yet another strong vote of confidence in the government of Kyriakos Mitsotakis and in our country’s prospects. The exploration and exploitation of our undersea wealth is a matter of national importance and requires institutional credibility. With planning, consistency, and national self-confidence, Greece is steadily strengthening its position on the energy map of the Eastern Mediterranean.”