Chevron Awarded Four Offshore Leases for Greece Exploration Blocks

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Key Terms

2d seismic technical

2D seismic is a geophysical survey that sends sound waves into the ground and records a single cross‑sectional slice of the subsurface to reveal layers and large structures. Investors use it as a low‑cost way to assess geological risk and potential for oil, gas or mineral targets before deciding whether to fund more detailed, expensive studies; think of it as a single X‑ray slice that helps decide if further scans are worth the investment.

3d seismic technical

A 3D seismic survey is a method that sends sound waves into the ground and records their echoes to create a three-dimensional image of underground rock layers, similar to an ultrasound that reveals structures beneath the skin. For investors, it matters because clearer images reduce the chance of drilling dry holes, improve estimates of how much oil or gas might be recoverable, and therefore lower development risk and inform valuation and capital allocation decisions.

memorandum of understanding (mou) regulatory

A memorandum of understanding (MOU) is a written outline where two or more parties describe their shared intentions, key terms and roles for a proposed deal without forming a full binding contract. For investors it acts like a concrete handshake: it signals the seriousness and likely direction of partnerships, mergers or supply arrangements, helping assess the probability, timing and potential impact of future agreements on a company’s value.

joint venture financial

A joint venture is when two or more companies team up to work on a specific project or business idea, sharing both the risks and the rewards. It’s like friends starting a lemonade stand together—each contributes resources and they split the profits, making it easier to succeed than going alone.

02/16/2026 - 07:05 AM

Supports strategy to enhance exploration portfolio and efforts in Mediterranean region

HOUSTON--(BUSINESS WIRE)-- Chevron Corporation (NYSE: CVX), via its four Dutch subsidiaries, together with HELLENiQ ENERGY has today signed Lease Agreements with the Hellenic Republic which will enable exploration of four blocks offshore Greece.

The blocks are located south of Crete (South Crete 1, South Crete 2) and within the Peloponnese (South of Peloponnese, and Block A2). The awarded consortium, in which Chevron holds a 70% operating interest and HELLENiQ ENERGY a 30% interest, was selected following an international call for tender launched by the Greek government in 2025.

“This is another important milestone for Chevron as we continue building momentum in the Mediterranean region, an area where we already have a significant position and are actively pursuing exploration opportunities to further strengthen and expand our portfolio,” said Kevin McLachlan, Vice President of Exploration at Chevron.

“We look forward to working with our partners HELLENiQ ENERGY and the Hellenic Republic to evaluate the hydrocarbon potential of these frontier areas. With our expertise in developing oil and gas projects worldwide, Chevron has the resources, experience, and technology to advance and unlock new energy supplies in this frontier region.”

Under the terms of the Lease Agreements, the consortium will complete 2D and 3D seismic exploration work programs in phase one of the leases, to assess the hydrocarbon potential of the areas.

The Lease Agreements are now subject to ratification by the Greek Parliament.

Chevron’s assets in the Mediterranean region include two gas producing fields (offshore Israel), and the Aphrodite gas field which is currently in development (offshore Cyprus). In Egypt, Chevron is the operator of two Egyptian exploration blocks and is in a non-operated joint venture in the Mediterranean Sea.

On February 11, 2026, Chevron was the winning bidder for onshore block S4 in Libya. This follows the signing of a Memorandum of Understanding (MoU) in Libya to evaluate the development and exploration potential onshore Libya. Also in February, Chevron was awarded MoUs with Turkey and Syria to evaluate opportunities.

Chevron’s Dutch subsidiaries are (“Chevron Greece Holdings (A2) B.V”., “Chevron Greece Holdings (S Peloponnese) B.V.”, “Chevron Greece Holdings (S Crete 1) B.V.” and “Chevron Greece Holdings (S Crete 2) B.V.”).

About Chevron

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations and grow new energies businesses. More information about Chevron is available at www.chevron.com.

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