Chevron-Led JV Signs Major Gas Exploration Deal Offshore Greece

A Chevron-led consortium signed offshore gas exploration leases in Greece on February 16, 2026, as Athens seeks to bolster Mediterranean gas supplies. Chevron and Helleniq Energy finalized agreements for four blocks south of Crete and the Peloponnese. Chevron holds 70% and operates; Helleniq owns 30%. The 47,000 sq km area requires parliamentary ratification. A three-phase program will assess ultra-deepwater hydrocarbons. Drilling likely begins late 2026/early 2027 pending approvals. This follows ExxonMobil's November 2025 Ionian Sea deal, signaling major U.S. oil firms' strategic interest in Greek offshore resources.