Chevron to Launch Seismic Research Off Greece's Coast by Year-End

Chevron is set to begin seismic research off Greece's coast this year. The Greek energy ministry confirmed that oil major Chevron will initiate the research in blocks located in the Ionian Sea and south of Peloponnese and Crete by the end of the year, according to Energy Minister Stavros Papastavrou.

Chevron acquired a 70% stake from Helleniq Energy in an offshore block southwest of the Ionian Sea earlier this year. The company also has exclusive lease agreements with a consortium to lead the search for gas in three other deep-sea blocks off the Peloponnese and Crete.

The seismic exploration work is a crucial first step in assessing hydrocarbon potential before any decision can be made on test drilling.