Through its subsidiaries in the Netherlands and in partnership with HelleniQ Energy, the Chevron Corporation has signed lease agreements that will allow it to explore four blocks located off the coast of Greece.
Two of the offshore blocks are based south of Crete, while the other two are in the Peloponnese peninsula area (Block A2 and South of Peloponnese). The consortium comprises Chevron holding a 70 per cent operating interest, while HelleniQ Energy has a 30 per cent interest. It was chosen following a global call for tender from the Greek government last year.
Vice president for exploration for Chevron, Kevin Mclachlan, commented that the lease agreements were another key milestone for the US oil and gas major. He said that Chevron is continuing to build momentum in the Mediterranean, a location where the company already has a substantial position, and is actively pursuing opportunities to explore, grow and strengthen its present portfolio.
As well as undertaking oil and gas exploration activities around the world, Chevron also supplies lubricants internationally via its well-known brand, Texaco. Available in more than 150 countries, the line includes a diverse range of products that extends from grease to gear oil.
Mclachlan added that Chevron looked forward to working with its partners, the Hellenic Republic and HelleniQ Energy. As per the terms of the new lease agreements, full 3D and 2D seismic exploration work programmes will now be carried out to assess the offshore blocks’ hydrocarbon potential.
