Chevron Wins Greek Offshore Leases, Expands Mediterranean Footprint (CVX)

Chevron has signed lease agreements with Greece for four offshore exploration blocks, expanding its Mediterranean presence and reinforcing its regional growth strategy. The U.S. supermajor, through four Dutch subsidiaries, will operate the blocks with a 70% stake, with HELLENiQ ENERGY holding 30%. The blocks—South Crete 1 and 2, and South of Peloponnese and Block A2—were awarded in a 2025 tender. Ratification by the Greek Parliament is required before the leases take effect. Chevron’s move builds on its existing Mediterranean assets, including producing fields offshore Israel and the Aphrodite development in Cyprus. The company recently secured onshore Block S4 in Libya and is assessing opportunities in Turkey and Syria. Greece aims to reduce energy imports and capitalize on deepwater prospects. Seismic surveys will assess commercial potential in the frontier acreage, which aligns with Chevron’s strategy of targeting high-impact conventional resources while pursuing energy transition investments.