A working meeting was held today, Monday, June 15, 2026, at YPEEN a working meeting was held, attended by the Minister of Environment and Energy, Mr.a href=”https://tomanifesto.gr/stayros-papastayroy”> Stavros Papastavrou, the Deputy Minister, Mr.Nikos Tsafos, the Secretary General for Energy and Mineral Resources, Ms. Despoina Palaiarouta, the Ambassador of the United States of America to the Hellenic Republic, Ms. Kimberly Guilfoyle, the CEO of the Hellenic Hydrocarbon and Energy Resources Management Company (EDEYEP), Mr. Aristophanes Stefatos, Chevron’s Director of Research for the Middle East and North Africa, Mr. Andrew Deighan, the CEO of HELLENiQ ENERGY, Mr. Andreas Siamis, as well as other senior executives from the companies.
During the meeting, Mr. Papastavrou and Mr. Stefatos informed the two companies of the completion of all administrative steps/approvals for the transfer of the stake in the Lease Agreement and Chevron’s assumption of the role of operator in Block 10. A discussion followed with the Consortium’s representatives regarding the next steps and the potential timeline for this concession.
This was preceded on May 28 by the official request from Chevron and HELLENiQ ENERGY for Chevron’s participation in the Area 10 (Block 10), located off the coast of the Gulf of Kyparissia, in the southern Ionian Sea, as well as for the transfer of the role of operator from HELLENiQ ENERGY to Chevron. Furthermore, the operator had submitted a request to EDEYEP for a 15-month extension of the 2nd Exploration Phase in Block 10.
Upon completion of the process approval of the requests by the Ministry of Environment and Energy and EDEYEP, and the corresponding approval of the Foreign Direct Investment (FDI) by the Ministry of Foreign Affairs, officially paves the way for the completion of the transfer farm–in between the two companies, which is expected in the coming days. Upon completion of the transfer procedures, Chevron will hold a 70% stake in the concession and assume the role of operator, while HELLENiQ ENERGY’s stake will be 30%.
It should be noted that the exploration programs for the 1st and 2nd Exploration Phases of the Basic Exploration Stage in the concession have been completed, with the conduct of geological, geophysical, and environmental studies. With the acquisition of 1,210 kilometers of 2D seismic data in 2022, the available database initially increased by 40%, followed for the first time by the acquisition of 2,416 square kilometers of 3D seismic data covering 88% of the concession. The new Joint Venture will jointly evaluate the data to decide on its entry into the 3rd Exploration Phase, which includes the drilling of an exploration well.
It is recalled that Chevron and HELLENiQ ENERGY have already signed lease agreements with the Hellenic Republic for four new offshore areas, south of Crete and south of the Peloponnese, with Block 10 constituting the fifth concession in which the Joint Venture is now active.
During the meeting, the Minister of Environment and Energy, Mr. Stavros Papastavrou, made the following statement:
“The procedures for Chevron’s entry into Block 10 were completed today. Chevron’s participation, as one of the world’s largest energy companies, in the country’s fifth consecutive offshore area for hydrocarbon exploration, represents yet another significant step toward the responsible development of our national resources.
A development carried out in accordance with the highest international standards, with the aim of strengthening our country’s energy security and the potential for a significant increase in public revenue.
At the same time, this reaffirms the confidence of leading international investors in our country’s prospects and in the stable and effective framework that has been established in recent years.
Greece has established itself as a reliable energy partner in the broader Eastern Mediterranean region. With consistency and a clear plan, it strengthens our energy resilience, attracts high-value-added investments, and continuously enhances its geostrategic position.
I would like to thank the officials of the Ministry of Environment and Energy, EDEYEP, as well as the representatives of Chevron and HELLENiQ ENERGY for their excellent cooperation, which allowed us to complete the process in record time. We are moving forward with confidence and determination so that Greece can fully realize its potential, for the benefit of its citizens and future generations.”
U.S. Ambassador Ms. Kimberly Guilfoyle, commented:
“The development of Greece’s hydrocarbons, which is being advanced through partnerships such as this one between Chevron and HELLENiQ ENERGY, with the support of the Ministry of Environment and Energy and EDEYEP, deepens and strengthens the region’s energy architecture.
In this way, it accelerates Greece’s emergence as a dynamic regional energy hub and a strategic pillar of energy security in Southeast Europe. It is proof that when the United States and its closest allies work together as one, they can achieve tangible results.”
On behalf of the Consortium, Chevron’s Director of Research for the Middle East and North Africa, Mr. Andrew Deighan, stated:
“This is yet another significant milestone for Chevron as we continue to build our momentum in the Mediterranean region, a region where we seek to further expand and strengthen our global portfolio of exploration activities.
Together with our partner, HELLENiQ ENERGY, and the Hellenic Republic, we look forward to evaluating the hydrocarbon potential in Block 10, which is located in an interesting, currently being explored area.
Chevron possesses significant expertise in the development of oil and gas projects worldwide. We believe that the combination of our partner’s experience and support, in synergy with our own resources and technological capabilities, will contribute to the promotion and utilization of new energy sources in the region.”
Meanwhile, the CEO of HELLENiQ ENERGY, Mr. Andreas Siamis, added:
“Chevron’s entry into Block 10 complements our existing partnership and aligns the two companies’ stakes across all blocks in the southern Ionian Sea, thereby creating a much larger exploration area in which we participate jointly. Mobility and flexibility in concession portfolios and the ability to operate in larger areas are factors that attract leading companies in the industry and enable synergies, initially in exploration and potentially later in development.
The work we had already completed in Block 10 over the past few years have allowed for a better assessment of the prospects and the entry of Chevron across the entire portfolio. The adjustment of our stake is a move fully consistent with the strategy of managing exploration areas as a dynamic portfolio, in which changes can and should be made depending on prevailing conditions. The consistent strategy and substantive work of recent years, as well as our faster response and cooperation with the relevant authorities, create the conditions for such dynamic moves, which can only have a positive impact on the Company, our country, and the wider region.”
Finally, the CEO of the Hellenic Hydrocarbons and Energy Resources Management Company (EDEYEP), Mr. Aristophanes Stefatos, emphasized:
“The successful completion of all necessary approvals for Chevron’s entry into Block 10, in less than 20 days, represents yet another outstanding administrative achievement and another significant milestone for the Greek hydrocarbon exploration program. I must personally thank the Minister, Mr. Stavros Papastavrou, and the Ministry’s staff for their exceptional cooperation, which made this unprecedentedly swift achievement possible. We welcome Chevron, which is taking on the role of operator in yet another exploration concession in Greece, and we look forward to continuing our collaboration with the Consortium Chevron–HELLENiQ ENERGY for the next phase of work in Block 10. This development reaffirms the confidence of leading 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.”
