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Chevron Seeks 70% Stake in Offshore Greek Block

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US oil supermajor Chevron (CVX) has filed an official request to acquire a 70% stake from Greece's Helleniq Energy in an offshore block in the southern Ionian Sea, according to the country's Ministry of Environment and Energy Thursday.

The companies have jointly made the request for Chevron's participation in the Block 10 concession. They have also submitted a request to transfer the role of operator from Helleniq Energy to Chevron.

Once the transaction is approved, Helleniq will retain 30% of the concession rights, while Chevron will also assume the role of trustee, the ministry said.

The first and second research phases pertaining to the block had been completed, while the third and final phase involving exploratory drilling remain subject to a decision, according to the statement.

The ministry also said that an 18-month extension of the second research phase is being evaluated to allow the companies to jointly evaluate seismic data for the block and neighboring concession areas.

Chevron and Helleniq have already signed lease agreements for four new marine areas south of Crete and the Peloponnese.

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