Chevron Corporation, the American upstream-focused producer, has signed lease agreements with the Hellenic Republic, paving the way for hydrocarbon exploration in four offshore blocks in Greece, in partnership with HELLENiQ ENERGY, a leading energy group in Southeast Europe.

A lease agreement is a legal contract that grants a company the right to use or explore land or offshore areas owned by a government (or another party) for a specific period, under agreed-upon terms and conditions.

The blocks are located south of Crete and south of the Peloponnese, as well as in Block A2 in the Peloponnese region. The consortium, comprising Chevron with a 70% operating stake and HELLENiQ ENERGY holding 30%, was selected following an international tender launched by the Greek government in 2025.

Under the agreements, the partners will undertake 2D and 3D seismic surveys during the first phase of exploration to evaluate the hydrocarbon potential of the acreage. The leases remain subject to ratification by the Greek Parliament.

The move strengthens Chevron’s footprint in the Mediterranean, where it holds interests in two producing gas fields offshore Israel and the Aphrodite gas field offshore Cyprus, which is currently under development. In Egypt, the company operates two exploration blocks and participates in a non-operated joint venture in the Mediterranean Sea.

Earlier this month, on February 11, 2026, Chevron was also named the winning bidder for Libya’s onshore Block S4, following the signing of a memorandum of understanding to assess development and exploration prospects in the country. Additionally, the company secured memoranda of understanding with Turkey and Syria in February to evaluate further opportunities in the region.