US energy firm Chevron expands Greece offshore footprint

US energy giant Chevron has completed its entry into an offshore exploration block off Greece's western coast, according to Greek daily Ekathimerini on Monday.

Greek authorities said all administrative procedures had been finalized for Chevron's participation in Block 10 in the Gulf of Kyparissia.

The block, located in the southern Ionian Sea off the Peloponnese, was previously held by Helleniq Energy, which transferred a 70% stake to Chevron following a joint request for participation in the concession.

Greek Environment and Energy Minister Stavros Papastavrou said the move expands Chevron's presence in Greece to five offshore blocks.

He said the development reflects growing international interest in Greece's upstream energy sector and supports the country's hydrocarbon strategy.

The exploration program has already completed geological, geophysical and environmental studies.

The consortium will now assess whether to proceed to a third phase, which could include exploratory drilling.