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Supports strategy to enhance exploration portfolio and efforts in Mediterranean region
Insight Out
2 Mar 2026

Supports strategy to enhance exploration portfolio and efforts in Mediterranean region

Chevron Corporation, through its four subsidiaries in the Netherlands, together with HELLENiQ ENERGY, has signed Lease Agreements with the Hellenic Republic, paving the way for hydrocarbon exploration across four offshore blocks in Greece.

The licensed areas include two blocks south of Crete (South Crete 1 and South Crete 2) and two within the Peloponnese region (South of Peloponnese and Block A2). The consortium, in which Chevron holds a 70% operating stake and HELLENiQ ENERGY retains the remaining 30%, was awarded the rights following an international tender initiated by the Greek government in 2025.

"This is another important milestone for Chevron as we continue building momentum in the Mediterranean region, an area where we already have a significant position and are actively pursuing exploration opportunities to further strengthen and expand our portfolio," said Kevin Mclachlan, Vice President of Exploration at Chevron.


"We look forward to working with our partners HELLENiQ ENERGY and the Hellenic Republic to evaluate the hydrocarbon potential of these frontier areas. With our expertise in developing oil and gas projects worldwide, Chevron has the resources, experience, and technology to advance and unlock new energy supplies in this frontier region."


Under the Lease Agreements, the consortium will carry out 2D and 3D seismic surveys during the first exploration phase to evaluate the hydrocarbon prospects within the licensed areas.


The agreements remain subject to approval by the Greek Parliament.


Chevron Corporation maintains a strong presence across the Mediterranean. Its portfolio includes two producing natural gas fields offshore Israel, as well as the Aphrodite gas field currently under development offshore Cyprus. In Egypt, Chevron operates two exploration blocks and also participates as a non-operating partner in a Mediterranean offshore joint venture.


On February 11, 2026, Chevron secured the winning bid for onshore Block S4 in Libya, following the signing of a Memorandum of Understanding (MoU) to assess onshore development and exploration opportunities. During the same month, the company was also awarded MoUs with Turkey and Syria to evaluate further potential opportunities.


Chevron's Dutch subsidiaries are ("Chevron Greece Holdings (A2) B.V"., "Chevron Greece Holdings (S Peloponnese) B.V.", "Chevron Greece Holdings (S Crete 1) B.V." and "Chevron Greece Holdings (S Crete 2) B.V.").

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