Papastavrou: Meeting with Chevron at Energy Ministry on Monday to formalise entry into Block 10

A Chevron delegation is arriving in Athens on Monday to finalise an agreement for the company’s entry into the so-called Block 10 offshore area in the Kyparissia Gulf, Environment and Energy Minister Stavros Papastavrou announced in an interview with ANT1 on Monday.

He said that following the US energy group’s request to participate in hydrocarbon exploration, the relevant procedures have been completed and a meeting will take place at the ministry on Monday afternoon to formalise the agreement.

The deal concerns Chevron’s entry into a fifth offshore block in Greece, expanding its footprint in the country. Block 10 is located off the shore of the Kyparissia Gulf in the southern Ionian Sea and was previously held by Hellenic Energy.

Papastavrou said the development reflects growing interest in expanding Chevron’s presence in Greece and brings the country closer to its broader hydrocarbon development strategy.

He noted that Chevron already participates in two offshore blocks south of Crete and two south of the Peloponnese, and that its expansion to a fifth area further strengthens its involvement in Greece’s upstream energy sector.

He also reiterated that the first exploratory drilling is scheduled for February 2027 in the northwestern Ionian Sea, by the ExxonMobil-Energean-Hellenic Energy consortium.

Commenting on geopolitical developments, Papastavrou referred to the Iran-US conflict, noting signs of de-escalation and reports that the Strait of Hormuz may reopen. He said markets have already reacted positively, with oil and natural gas prices falling by around 5% in Asian trading.

He added that, if confirmed, stabilisation in the region would restore normality to the global economy, although the effects of the conflict are expected to persist for weeks or months.

The minister also stressed that Greece has taken coordinated steps with all relevant authorities and companies to ensure energy supply security.

Referring to his recent visit to the United States, he said it reaffirmed the condemnation of energy being used as a geopolitical tool, and highlighted the cooperation framework between Greece, Cyprus, Israel and the United States (the “3+1” format) aimed at developing energy projects in the Eastern Mediterranean based on shared principles and rules.

amna.gr