May. 29 at 1:17 PM
$CVX CVX moves into Greek offshore gas exploration as Europe's energy focus shifts east. Chevron's bid to join Greece's offshore Block 10 underscores the growing importance of the Eastern Med in Europe's energy landscape.
The US energy giant has applied to join the Block 10 concession, located off the Gulf of Kyparissia in the Southern Ionian Sea, in partnership with HelleniQ Energy. The companies have also requested the transfer of the operator role from HelleniQ Energy to Chevron. The agreement would see Chevron acquire a 70% stake in the concession, with HelleniQ Energy retaining the remaining 30%. Chevron already operates the Aphrodite gas field offshore Cyprus and has broadened its exploration portfolio in Greece, reflecting the company's growing focus on the region. The growing interest of American companies in Greek exploration is linked both to estimates of substantial natural gas reserves and to the geopolitical stability that Greece projects as an EU and NATO member state
