Chevron has signed lease agreements with the Hellenic Republic to explore four offshore blocks in Greece, strengthening its Mediterranean exploration portfolio.

The blocks are located south of Crete (South Crete 1 and South Crete 2) and offshore the Peloponnese (South of Peloponnese and Block A2). The consortium, in which Chevron holds a 70% operating interest and HELLENiQ ENERGY holds 30%, was selected following an international tender launched by the Greek government in 2025.

Under the lease terms, the consortium will conduct 2D and 3D seismic surveys during the first exploration phase to assess hydrocarbon potential. The agreements are subject to ratification by the Greek Parliament.

Chevron said the award supports its strategy to expand its exploration footprint in the Mediterranean, where it already operates gas-producing assets offshore Israel and is developing the Aphrodite gas field offshore Cyprus. In Egypt, the company operates two exploration blocks and participates in a Mediterranean joint venture.

Earlier in February, Chevron secured an onshore exploration block in Libya and signed memoranda of understanding with Turkey and Syria to evaluate additional opportunities.

The move reinforces Chevron’s focus on frontier exploration and portfolio growth in the Eastern Mediterranean region.