Chevron-Led Joint Venture Signs Major Gas Exploration Deal Offshore Greece

Michael Kern

Tue, February 17, 2026 at 12:30 AM GMT+9 2 min read

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A Chevron-led consortium on Monday signed the lease contracts for oil and gas exploration offshore Greece as the southern European country aims to become a major gas supplier in the Mediterranean.

Chevron, in partnership with Helleniq Energy, signed the lease agreements with Greece concerning the exploration of four offshore blocks south of Crete and the Peloponnese.

Greece picked the consortium as the preferred bidder at the end of last year following a tender, and has now made Chevron’s entry official with the signing of the lease agreements.

Chevron holds a 70% interest in the consortium and is the operator of the block leases while Helleniq Energy’s wholly-owned subsidiary holds a 30% interest.

The four offshore blocks - South Crete 1, South Crete 2, South of Peloponnese, and Block A2 - cover a total area of approximately 47,000 square kilometers, or 18,147 square miles.

The lease agreements have to be ratified by the Greek Parliament to come into effect.

Under the terms of the lease deals, the Chevron- Helleniq joint venture will undertake a three-phase exploration program to help assess the hydrocarbon potential of the areas. The target areas lie in ultra-deepwater settings - some beyond 1,500 meters of sea depth - with complex geological structures, Helleniq said.

With the signing of the lease agreements, Chevron joins the other U.S. supermajor, ExxonMobil, in gaining access to exploration access offshore Greece.

In November 2025, ExxonMobil expanded its exploration portfolio offshore Greece with a new farm-in agreement for a block in the northwestern Ionian Sea.

Energean, and Helleniq Energy reached a farm-in agreement under which the U.S. supermajor will buy 60% in the Block 2 concession in the northwestern Ionian Sea, next to the Italian Exclusive Economic Zone (EEZ).

Energean will remain the operator of the concession during the exploration stage, but if the partners make a hydrocarbon discovery, ExxonMobil will assume operatorship during the development stage.

Exploratory drilling is expected to begin in late 2026 or early 2027, provided that all necessary approvals and permits are obtained.

Exxon and Chevron have snapped up exploration blocks offshore Greece in recent months, as the companies and Greece hope the offshore area could hold giant natural gas resources, similar to the ones discovered in the Eastern Mediterranean offshore Egypt and Israel.

By Michael Kern for Oilprice.com

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