Chevron and HELLENiQ ENERGY request partnership change for Block 10 in Ionian Sea

The Greek Ministry of Environment and Energy has announced that Chevron and HELLENiQ ENERGY have submitted a joint request to modify their partnership for the 'Block 10' offshore area in the Kyparissiakos Gulf, South Ionian Sea. The proposal includes transferring the role of operator from HELLENiQ ENERGY to Chevron, alongside a share redistribution where Chevron will acquire 70% of the rights, leaving HELLENiQ ENERGY with 30%. The companies have submitted the request to the Hellenic Hydrocarbons and Energy Resources Management Company (EDEYEP) for formal approval. Current exploration phases one and two have been completed, and the consortium is now awaiting a decision on entering the third phase, which involves exploratory drilling. Additionally, EDEYEP is evaluating a request for an 18-month extension of the second exploration phase. This extension would allow the new consortium to analyze 2D and 3D seismic data and compare findings with adjacent offshore blocks. The Ministry confirmed that all evaluations will follow established regulatory and contractual frameworks, prioritizing environmental safety and technical standards.