Chevron (NYSE:CVX) has formally requested approval to acquire a 70% stake in an offshore exploration block southwest of Greece from Helleniq Energy, according to a statement released Thursday by Greece’s energy ministry, marking another step in the U.S. energy giant’s expansion across the Mediterranean region.
If the application receives approval, Chevron will assume operatorship of Block 2 in the southwestern Ionian Sea and lead future gas exploration activities in the area, while Helleniq Energy will retain the remaining 30% interest, the ministry said.
Greek authorities are also considering extending the evaluation period for Chevron and Helleniq Energy to review completed seismic survey data before making any decisions regarding exploratory drilling operations in the block, the statement added.