Just before the most critical phase of hydrocarbon research in the country began, with the first drilling at Block 2 in the Ionian After about four decades of being at the gates, Chevron further strengthens its position in Greece.
The American big oil is expected by the end of the month to complete the 70% transfer the ‘Block 10’ marine land, off the Cypriot Gulf, taking on the role of concession operator as all the necessary approvals have been completed by the Greek authorities.
Chevron's entry into Block 10 is accompanied by the approval of a 15-month extension of the second research phase, transferring for the early 2028 the decisions on the transition to the third phase of research, which includes the conduct of research drilling.
Block 10 is among the most mature concessions of the Greek hydrocarbon portfolio. Geologic and environmental studies have been completed in the area, while in 2022 1,210 km of seismic data 2D were acquired and then 2,416 square kilometres of seismic data 3D, covering 88% of the concession, significantly limiting the geological uncertainty of the area.
The backstage of the deal and contacts with RIS
Behind the agreement is a process which has been completed within less than 20 days, from the submission of the formal request by the two companies on 28 May to the completion of all the authorizations required by the RIS. JHA and Ministry of Foreign Affairs in the context of direct foreign investment control (FDI). This is one of the fastest administrative procedures recorded in the Greek hydrocarbon research programme.
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