1 week ago
Chevron (NYSE:CVX) on Monday disclosed that it is expanding its exploration portfolio in the Mediterranean region.
In particular, the company inked lease agreements with the Hellenic Republic for four offshore blocks in Greece, enhancing its exploration efforts in the region.
Details
The awarded consortium, in which Chevron holds a 70% operating interest and HELLENiQ ENERGY holds the rest, will conduct seismic exploration work to assess the hydrocarbon potential of these areas.
The blocks are located south of Crete and within the Peloponnese, with the agreements subject to ratification by the Greek Parliament.
As per the lease terms, the consortium will carry out 2D and 3D seismic surveys during the first phase to evaluate the areas’ hydrocarbon potential.
The company’s recent lease agreements in Greece are significant as they align with its strategy to strengthen its position in the Mediterranean, an area where it already has established operations. This expansion could enhance Chevron’s portfolio and contribute to its long-term growth.
Kevin McLachlan, Vice President of Exploration at Chevron, said, “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.”
This move follows Chevron’s ...
