HELLENiQ ENERGY and Chevron sign offshore exploration deals in Greece

By Global Infrastructure Sherpa · Feb 17, 2026

Joint Venture Gas signed Athens, Greece

early_development

Stage

HELLENiQ ENERGY and Chevron have signed agreements with the Greek state to explore four offshore blocks south of Crete and the Peloponnese. Chevron secured a 70% stake and operatorship, while HELLENiQ ENERGY holds the remaining 30%. The joint venture will carry out a three-phase exploration programme to assess hydrocarbon potential in the areas. The concessions are located in ultra-deepwater zones, with some exceeding depths of 1,500 metres.

Deal Analysis

HELLENiQ ENERGY and Chevron have entered into a joint venture agreement with the Greek state to explore four offshore blocks south of Crete and the Peloponnese. Chevron will operate the project with a 70% stake, while HELLENiQ ENERGY holds the remaining 30%. The exploration program will be conducted in three phases to evaluate the hydrocarbon potential of the ultra-deepwater concessions, some exceeding depths of 1,500 meters. This partnership signifies a renewed interest in Greece's offshore hydrocarbon resources and could potentially unlock new energy sources for the region. The deal is notable due to the involvement of a major international oil company, Chevron, which brings significant expertise and financial resources to the project. The exploration in ultra-deepwater zones presents both technical challenges and opportunities for substantial discoveries. While the financial terms of the agreement remain undisclosed, the commitment from both HELLENiQ ENERGY and Chevron suggests a belief in the potential of these offshore blocks. The success of this exploration program could have significant implications for Greece's energy independence and its role in the broader European energy market.

Chevron secures a 70% stake and operatorship, indicating a strong commitment to the project.
The exploration targets ultra-deepwater zones, presenting both high risk and high reward potential.
The partnership combines the local expertise of HELLENiQ ENERGY with the global capabilities of Chevron.
The three-phase exploration program suggests a long-term commitment to assessing the hydrocarbon potential.

Market Context: The deal occurs within the context of Europe's ongoing efforts to diversify its energy sources and reduce reliance on imports. Greece, in particular, is seeking to develop its domestic energy resources to enhance energy security and potentially become a regional energy hub. The gas sector is a key component of this strategy, with offshore exploration playing a crucial role.