ATHENS - The Greek energy ministry said on Thursday that U.S. oil major Chevron has submitted a formal request to take over a 70% stake in an offshore exploration block currently held by Helleniq Energy. The move, the ministry added, would position Chevron as the operator leading the search for gas in Block 2, located in the southwest Ionian Sea, with Helleniq retaining a 30% interest.
According to the ministry statement, Chevron's application, if approved by the relevant Greek authorities, will transfer operational control to the U.S. company and make it responsible for directing exploratory activities in the block. The ministry also said Greece is considering granting Chevron and Helleniq Energy additional time to evaluate seismic data that have already been completed for the area before either party commits to any exploratory drilling.
The announcement frames the filing as a potential expansion of U.S. involvement in the Mediterranean energy landscape. The ministry did not provide a timetable for a decision on the request or for any subsequent approvals required to commence exploratory drilling, and it emphasised that seismic data review remains a prerequisite for further action.
Next steps and procedural notes
Under the ministry's outline, a formal approval process would be required to transfer the operator role to Chevron. The companies involved may receive additional time to assess the seismic surveys already completed for Block 2. No commitment to exploratory drilling has been made at this stage; any drilling decision would follow further evaluation of the seismic information.
The ministry statement did not specify a decision date or further procedural milestones. It confined itself to confirming the filing by Chevron, the proposed ownership split should approval be granted, and the fact that Greece is contemplating extra time for seismic review before drilling decisions are taken.