Chevron-Helleniq Energy Consortium Set to Explore Greece's Four Offshore Blocks
by Amir Garanovic
October 24, 2025
Greece has formally selected a consortium of U.S. oil major Chevron and domestic firm Helleniq Energy as the preferred bidder for four offshore gas exploration areas - one in the Ionian Sea and three south of the Peloponnese and Crete - the country’s energy ministry said.
The decision, confirmed through ministerial decrees signed by Energy Minister Stavros Papastavrou and published in the Government Gazette, covers the A2, South of Peloponnese, South of Crete 1 and South of Crete 2 blocks.
It marks the latest step in an international tender launched earlier this year to accelerate exploration for potential natural-gas reserves in deepwater areas of the eastern Mediterranean.
Under the decrees, the Chevron Greece Holdings B.V. - Helleniq Upstream joint venture has been designated selected applicant for all four concessions.
The Hellenic Hydrocarbons and Energy Resources Management (HEREMA) agency has been instructed to invite the consortium to negotiate and finalize lease agreements in line with the tender terms.
The government said the awards aim to strengthen Greece’s role as a regional energy hub and reduce dependence on imported gas.
The tender, launched earlier in 2025, was Greece’s first major offshore hydrocarbons licensing round in several years. Chevron’s participation represents a new entry of a U.S. energy major into Greek exploration acreage.
Helleniq Energy, Greece’s largest oil refiner, already holds upstream interests in domestic onshore and offshore concessions. The partnership with Chevron is seen as bringing advanced deepwater experience and financial capacity to the projects.
The ministry said similar decrees were issued for each of the four areas, completing the evaluation process that began after the consortium’s bid submission in September
