Oil Giants Advance Exploration in Greek Offshore Concessions
- Reports
- 3
- Developments
- 6
- Repetition
- 0%
New informationRepeats or wire copies
What happened
The Greek government granted exploration leases that attracted major oil companies like Chevron and ExxonMobil to expand their presence in the Eastern Mediterranean. In a separate development, Chevron sought to acquire a 70% interest in an exploration block from HELLENiQ ENERGY, which was currently owned by the Greek company. The consortium led by ExxonMobil applied to Greek authorities for approval to deploy specialized vessels for exploratory drilling in the Corfu area.
Why it matters
The successful deployment of drilling vessels signals the first steps toward launching oil production operations in Greece in nearly five decades. The projects are part of a larger effort to develop the oil and gas sector in the Mediterranean region.
From sofokleous10.gr, oilprice.com
Who's involved
- GreeceThe country whose government grants exploration rights for resource extraction.
- ExxonMobilLeading a consortium that applied for approval to deploy vessels for exploratory drilling in the Corfu area.
- Chevron CorporationSeeking to expand its footprint by acquiring a 70% interest in an offshore concession from HELLENiQ ENERGY.
- HELLENiQ ENERGYThe Greek company whose concession rights are being explored by Chevron Corporation.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Chevron CorporationSpeculative
Chevron could increase its operational interests through the successful acquisition of a 70% stake in a concession.
- HELLENiQ ENERGYSpeculative
HELLENiQ ENERGY could strengthen its strategic alignment by partnering with Chevron Corporation on an offshore concession.
How it developed
Newest first. Tap a step to see who reported it.ExxonMobil seeks approval for offshore exploration rights in international waters.1 source
- ExxonMobil received analyst rating updates from Goldman Sachs and RBC, while simultaneously planning exploration drilling offshore Greece.Sub-event
- U.S. companies are actively pursuing energy concessions in Greece.Sub-event
Chevron and HELLENiQ Energy form an exploration partnership for an offshore concession in Greece.1 source
- Chevron is acquiring the operator role from HelleniQ Energy.Sub-event
Greek government grants exploration leases, attracting major oil companies like Chevron and ExxonMobil.1 source
Keep exploring
The entities involved
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Greece
country in Southeast Europe
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ExxonMobil
American multinational oil and gas corporation
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Chevron Corporation
American multinational energy corporation
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HELLENiQ ENERGY
Greek company
Nothing else this week.
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- Hellenic energy company HELLENiQ ENERGY operates in Southeast Europe, with its operations rooted in Greece and including refining facilities in Elefsina.
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