Greece approved Chevron’s request to take over a 70% stake from Helleniq Energy (ATH:HEPr) in an offshore block southwest of Greece, the Greek energy ministry said Monday. The approval expands the U.S. oil company’s presence in the Mediterranean.
Chevron filed a request last month to become the operator and lead the gas exploration in an offshore block southwest of the Ionian Sea. Helleniq Energy will retain a 30% stake in the project.
Greece completed all approvals for Chevron to take over the block in the next coming days, the Greek energy ministry said in a statement.
A Chevron-led consortium signed exclusive lease agreements to lead the search for gas in four additional deep-sea blocks off Greece.
Source: Investing.com
