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Chevron Seeks Larger Stake in Greek Offshore Block - Bakken Wire
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Chevron Seeks Larger Stake in Greek Offshore Block

The U.S. supermajor's continued international expansion highlights a strategic focus beyond its core U.S. onshore assets, including the Bakken.

Bakken Wire Staff·🔆Midday Wire·

Chevron has filed a request to acquire a 70% stake in an oil and gas exploration block offshore southwest Greece, according to a report from OilPrice.com. The move represents a continued expansion of the U.S. supermajor's footprint in the Eastern Mediterranean.

The Greek Energy Ministry stated that Chevron wants to buy the majority stake in a block whose concession rights are currently fully owned by Helleniq Energy. Chevron and Helleniq are already partners in several other offshore exploration blocks awarded by Greece, and this filing would make Chevron the operator of an additional block.

Greek Energy Minister Stavros Papastavrou called Chevron's decision "a significant milestone in the national effort to develop the oil and gas sector," in a ministry statement cited by OilPrice.com. He added that "Greece is constantly strengthening its position on the energy map of the Eastern Mediterranean."

This filing follows lease contracts signed earlier this year by a Chevron-led consortium with Helleniq Energy for the exploration of four offshore blocks south of Crete and the Peloponnese. Those blocks, known as South Crete 1, South Crete 2, South of Peloponnese, and Block A2, cover a total area of approximately 47,000 square kilometers.

According to the source, the joint venture will undertake a three-phase exploration program to assess the hydrocarbon potential of these areas. Chevron's activity in Greece parallels that of fellow U.S. supermajor ExxonMobil, which expanded its exploration portfolio offshore Greece in November 2025 via a farm-in agreement.

For Bakken operators and observers in North Dakota, Chevron's sustained international investment signals a diversified corporate strategy. As a major operator in the Williston Basin, Chevron's capital allocation decisions across its global portfolio can influence long-term investment levels in its U.S. onshore assets. While the company maintains significant Bakken production, its aggressive pursuit of offshore exploration opportunities in emerging regions like the Eastern Mediterranean underscores a broad, global portfolio approach to resource development.

Source

OilPrice.com

chevroninternational expansionexplorationgreececapital allocation

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