Chevron has signed an agreement to acquire a 70 per cent participating interest in the Block 10 concession located offshore the Kyparissiakos Gulf in Greece from Helleniq Energy.
Under the agreement, which was announced on June 16, Helleniq Energy will retain a 30 per cent stake while Chevron will assume the role of operator.
The transaction, which marks the fifth offshore concession that Chevron participates in alongside Helleniq Energy, remains subject to customary approvals. Block 10 is currently in its second exploration phase, where both two-dimensional and three-dimensional seismic studies have already been completed to evaluate potential future drilling targets.
The partnership is expected by the companies to focus on further de-risking the asset through additional technical evaluation and potential drilling.
Chief Executive Officer of Helleniq Energy Andreas Shiamishis said, "The adjustment of our participating interest reflects our strategy of actively managing our exploration assets as a dynamic portfolio, where ownership and structures can evolve in response to changing conditions."
Chevron Director of Exploration for Middle East and North Africa Andrew Deighan noted, "Together with our partner, Helleniq Energy, and the Hellenic Republic, we are looking forward to evaluating the hydrocarbon potential of Block 10, which is in an exciting frontier area."