HELLENiQ ENERGY and Chevron to Produce Gas for Europe

17 Feb HELLENiQ ENERGY and Chevron to Produce Gas for Europe

(Oilandgaspress) -] Chevron and HELLENiQ ENERGY have signed a historic agreement with the Hellenic Republic, opening one of the largest unexplored offshore areas within the European Union to help strengthen natural gas energy production in Europe.

Speaking at the signing in Athens, Prime Minister Kyriakos Mitsotakis said the EU’s decision to reduce its dependence on Russian gas had created new opportunities for Greece. He highlighted the country’s growing role as a regional energy hub. He added that Europe would continue to need natural gas for many years to come, and that Greece aimed to help meet that demand.

The agreements grant Chevron (70%, Operator) and HELLENiQ ENERGY (30%) exploration rights to four offshore blocks south of Crete and the Peloponnese, covering approximately 47,000 sq km. The project supports Europe’s efforts to diversify energy supplies away from Russia, which still accounts for around one fifth of the EU’s gas imports. The Joint Venture will follow a phased exploration programme, starting with seismic to start this year.

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