Economy · Cyprus

Chevron Enters Block 10 in the Kyparissia Gulf as Operator

6 sourcesFirst reported 1 month agoUpdated 1 month ago

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Chevron acquires a 70% stake in Greece's Block 10 from HELLENiQ ENERGY.
HELLENiQ ENERGY retains a 30% interest in the project.
This agreement marks Chevron's fifth concession partnership with HELLENiQ ENERGY in Greece.
Geological and environmental studies for Block 10 have been completed, paving the way for further exploration.
CEO of HELLENiQ ENERGY emphasized the strategic importance of this collaboration.

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Chevron has officially entered Block 10 in the Kyparissia Gulf, securing a 70% stake and taking on the role of operator in a partnership with HELLENiQ ENERGY, which holds the remaining 30%. This marks the fifth marine concession in Greek hydrocarbons for Chevron, expanding its operations in the region and signaling a strategic collaboration with HELLENiQ ENERGY as they progress into further exploration phases.

The entry of Chevron into Block 10 followed the completion of necessary approvals, which were expedited during a meeting held at the Ministry of Environment and Energy. Officials, including the Minister of Environment and Energy, participated in discussions that facilitated the agreement for this partnership, allowing both companies to advance their exploration activities in the area.

The announcement comes as part of a broader strategy to enhance energy resources in Greece, highlighting the support for partnerships in the oil and gas sectors. The agreement is seen as a significant step forward in developing natural resources in the Ionian Sea.

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19 June

HELLENiQ ENERGY extends its strategic partnership with Chevron to include Block 10.

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Chevron Enters Block 10 in the Kyparissia Gulf as Operator

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