HELLENiQ ENERGY and Chevron have executed lease agreements with the Hellenic Republic covering four offshore areas south of Crete and the Peloponnese, advancing Greece’s upstream oil and gas programme. The consortium, selected through an international tender conducted in 2025, comprises Chevron with a 70% participating interest and operatorship, and HELLENiQ ENERGY with 30%.
The blocks — South Crete 1, South Crete 2, South of Peloponnese and Block A2 — span nearly 47,000 square kilometres. The partnership will carry out a three-stage exploration plan aimed at determining the hydrocarbon prospects of the acreage.
The zones are situated in ultra-deep waters, in certain locations exceeding depths of 1,500 metres, and are characterised by intricate geological formations.
Andreas Shiamishis, Chief Executive Officer of HELLENiQ ENERGY, described the agreement as an important move within the company’s long-term expansion plans and efforts to broaden its asset base. He noted that even as the group advances investments in lower-carbon solutions, oil and gas remain vital for maintaining dependable energy supplies. He added that collaboration with Chevron enhances the project through global offshore expertise and technical capability.
Gavin Lewis, Vice President, Global New Ventures at Chevron, said the company is eager to work alongside HELLENiQ ENERGY and the Greek authorities to examine the resource potential of these frontier offshore areas, highlighting Chevron’s international experience in complex developments.
The signing ceremony was held in Athens in the presence of Kyriakos Mitsotakis and officials from the Ministry of Environment and Energy, as well as representatives of both companies. The agreements were signed on behalf of the Greek State by Stavros Papastavrou, Minister of Environment and Energy, and Aristofanis Stefatos, Chief Executive Officer of Hellenic Hydrocarbons and Energy Resources Management Company. Chevron and HELLENiQ ENERGY were represented by Gavin Lewis and Andreas Shiamishis respectively. The agreements will enter into force following approval by the Hellenic Parliament.
Founded in 1998 as Hellenic Petroleum, with origins tracing back to Greece’s first refinery in 1958, HELLENiQ ENERGY has developed into Greece’s largest corporate group by revenue and a leading integrated energy player in Southeast Europe. The company operates across eight countries, maintaining a broad presence throughout the energy value chain. Its activities encompass refining, trading and marketing of petroleum and petrochemical products, upstream exploration and production, and a rapidly expanding renewables portfolio.
The group is also building a Green Utility business segment following the full acquisition and rebranding of Elpedison to Enerwave, strengthening its role in power generation and supply, with a focus on renewable sources for the domestic market. Headquartered in Athens, HELLENiQ ENERGY is listed on the Athens Exchange under the ticker ELPE and maintains a secondary listing on the London Stock Exchange through Global Depositary Receipts.
Chevron is a major global integrated energy company committed to providing energy that is affordable, dependable, and increasingly cleaner to support human advancement. The company explores for and produces crude oil and natural gas, manufactures transportation fuels, lubricants, petrochemicals, and additives, and develops technologies that strengthen both its operations and the wider energy sector. Chevron’s strategy focuses on expanding its oil and gas portfolio, reducing the carbon footprint of its activities, and investing in emerging energy solutions.
