The procedures for the entry of Chevron into Block 10 were completed, the sea concession located open to the Cypriot Gulf, in the southern Ionian, now opening the way for the definitive transfer of a participation rate from HELLENIQ ENERGY to the American energy giant.
Upon completion of the approvals by the Ministry of Environment and Energy, EYEP and the Ministry of Foreign Affairs regarding Direct Foreign Investment, Chevron is expected within the next few days to acquire 70% of the concession and to assume the role of the trustee, that is, the operator. The percentage of HELLENIQ ENERGY will be 30%.
This development was discussed today, Monday, June 15, 2026, at a working meeting at RIS, with the participation of the Minister of Environment and Energy, Mr Stavros Papastavrou, the Deputy Minister, Mr. Nikos Tsafou, of the General Secretariat for Energy and Minerals, Despinas Palearuta, of the U.S. Ambassador to Greece, Mrs. Kimberly Gilfoyle, the CEO of EYEP, Mr. Aristophane Stephu, the Director of Middle East and North Africa Research, Chevron, Andrew Deighan, and the CEO of HELLENIQ ENERGY, Andreas Siamis.
Chevron's request for Block 10The request for Chevron's entry into Block 10 had officially submitted on 28 May by Chevron and HELLENIQ ENERGYAt the same time, the operator's role had been requested by HELLENIQ ENERGY to Chevron, as well as a 15-month extension of the 2nd Research Phase.
Block 10 has already gone through an important research stage, as geological, geophysical and environmental studies have been completed, while seismic surveys of 2D and 3D have been carried out. The new consortium will evaluate the data in order to decide whether to go to the 3rd Research Phase, which includes performing research drilling.
This concession is the fifth marine area in which the Chevron – HELLENIQ ENERGY consortium is now active in Greece, after the four new marine areas south of Crete and south of the Peloponnese.
The Minister for the Environment and Energy, Mr Stavros Papastavrou, made the following statement:
"The procedures for entering Chevron in Block 10 were completed today. The participation of Chevron, one of the world's largest energy companies, in a fifth maritime area for hydrocarbon research, is another important step towards the responsible exploitation of our national resources. A exploitation made on the basis of the highest international standards, aimed at strengthening our country's energy security and the possibility of a significant increase in public revenue. At the same time, the trust of leading international investors in the prospects of our country and in the stable and effective framework that has been formed in recent years is confirmed.
Greece has been established as a reliable energy partner in the wider region of the Eastern Mediterranean. With consistency and plan it strengthens our energy resilience, attracts high added value investments and constantly upgrades its geostrategic position.
I would like to thank the officials of the Ministry of Environment and Energy, EJHA, as well as the representatives of Chevron and HELLENIQ ENERGY for their excellent cooperation, which allowed us to complete the process in time-record. We continue with confidence and determination, so that Greece can make full use of its potential, for the benefit of citizens and subsequent generations.".
US Ambassador Kimberly Gilfoyle commented:
"The development of Greece's hydrocarbons, which is promoted through partnerships such as that between Chevron and HELLENiQ ENERGY, with the support of the Ministry of Environment and Energy and EJHA, deepens and enhances the energy architecture of the region.
In this way, it accelerates the emergence of Greece in a dynamic regional energy hub and in a strategic pillar of Southeast Europe's energy security. It is proof that when the United States and its closest allies cooperate as one, they can achieve meaningful results.".
On behalf of the Consortium, Chevron's Middle East and North African Research Director, Andrew Deighan, said:
"This is another important milestone for Chevron, as we continue to build our dynamics in the Mediterranean region, an area in which we seek to expand and further strengthen the global portfolio of our research activities.
Together with our partner, HELLENIQ ENERGY, and the Hellenic Republic, we look forward to assessing the potential of hydrocarbons in Block 10, which is located in an interesting, exploring area.
Chevron has considerable expertise in developing oil and gas projects worldwide. We believe that the combination of experience and support from our partner, in synergy with our own resources and technological capabilities, will contribute to the promotion and exploitation of new energy sources in the region.".
While the CEO of HELLENIQ ENERGY, Mr Andreas Siamis, completed:
"Chevron's entry into Block 10, complements our existing cooperation and aligns the rates of the two companies in all blocks in the southern Ionian Sea, thus forming a much larger research area where we participate together. Mobility and flexibility in concessions portfolios and the possibility of activities in larger areas is something that attracts the top companies in the industry and allows synergies, initially in research and possibly later in development.
The work that we had already completed in Block 10 in previous years allowed a better assessment of the prospects and the entry of Chevron across the portfolio. The differentiation of our percentage is a move that is perfectly compatible with the strategy of managing research areas as a dynamic portfolio, in which changes can and must be made according to the prevailing circumstances. The stable strategic and meaningful work of recent years, but also the faster reaction and cooperation with the competent authorities, creates the conditions for such dynamic movements, which can only positively affect the Company, our country, but also more broadly the region.".
Finally, the Managing Director of the Hellenic Hydrocarbons and Energy Resources Management Company (EYEP), Mr. Aristophanis Stephatos, stressed:
"The successful completion of all the approvals required for the entry of Chevron into Block 10, over a period of less than 20 days, is another excellent administrative performance and another important milestone for the Greek hydrocarbon research programme. I must personally thank the Minister, Mr Stavros Papastavou, and the staff of the Ministry for their excellent cooperation that allowed this unprecedented speed performance. We welcome Chevron who takes the role of trustee in another research concession in Greece, and look forward to continuing cooperation with the Chevron-HELLENIQ ENERGY Consortium for the next phase of work in Block 10. This is a development that reaffirms the trust of top international investors in the country's offshore potential, and highlights the ability of the Greek State and its institutions to support strategic investments with speed, efficiency, and transparency.".