Greece Approves Chevron Request to Lead Offshore Gas Exploration

© Adobe Stock/Peter Hermes Furian

Greece has approved Chevron's request to take over a 70% stake from Greece's Helleniq Energy in an offshore block southwest of Greece, the Greek energy ministry said on Monday, in a move that further expands the U.S. oil major's presence in the Mediterranean.

• Chevron last month filed a request to become the operator and lead the search for gas in an offshore block southwest of the Ionian Sea, with Helleniq retaining 30%.

• Greece has concluded all approvals for Chevron to take over the block "in the next coming days", the Greek energy ministry said in a statement.

• A Chevron-led consortium has signed exclusive lease agreements to lead the search for gas in another four deep-sea blocks off Greece.

(Reuters)