Chevron’s JV with local player makes a play for four hydrocarbon blocks offshore Greece

September 12, 2025, by Melisa Cavcic

Hellenic Hydrocarbons & Energy Resources Management Company (Herema) has revealed that a joint venture (JV), entailing the U.S.-headquartered energy giant Chevron and Helleniq Energy, has submitted bids for hydrocarbon exploration at four blocks off the coast of Greece.

Once the deadline expired for the submission of bids regarding the international invitation to tender for the concession of hydrocarbon exploration and exploitation rights for four blocks, Herema disclosed that the Chevron-Helleniq Energy JV was the one that submitted bids for all four areas, encompassing A2, South of Peloponnese, South of Crete 1, and South of Crete 2 blocks.

As a result, an evaluation committee, comprising scientists and professionals of the hydrocarbon sector, was formed to unseal the submitted bids. While Dr. Aristofanis Stefatos, CEO and Executive BoD Member of Herema, has been picked as the president of this committee, Dionysios Goutis, General Director of the Hellenic Survey of Geology and Mineral Exploration and Board Member of the Geotechnical Chamber of Greece, has been selected as the alternate president.

Stefatos underlined: “Herema, in close collaboration with the competent Ministry of Environment and Energy, conducts the invitation to tender for new concessions for hydrocarbon exploration and exploitation with transparency and consistency.

“The submission of a binding offer on behalf of the joint venture between Chevron (operator) and Helleniq Energy reflects the resounding success of relevant efforts since 2022, and marks the entry into the Greek market of a company with leading expertise in deepwater projects around the world, strong financial capacity, and long-standing experience in the Eastern Mediterranean.”

Other members include Dr. Michael Hadjitofi, Independent non-Executive BoD Member of Herema, and Dr. Spyridon Papaefthimiou, Professor at the Department of Production Engineering and Management of the Technical University of Crete and President of the Hellenic Association for Energy Economics (HAEE), as an alternate member.

While Dr. Efthimios Tartaras, Head of Geoscience and Management Consultant at Herema, has been chosen as another member, Vasiliki Zavlaga, Deputy Head of the Hydrocarbon Directorate, General Secretariat of Energy and Mineral Resources, Ministry of Environment and Energy, is the alternate member.

The next member is Dr. Spyridon Bellas, Principal Researcher and Chair of the Scientific Council at the Institute of GeoΕnergy and former Vice-President of Herema, and Dr. Georgios Tsifoutidis, Head of the Department of Geothermal Energy, General Secretariat of Energy and Mineral Resources, Ministry of Environment and Energy, is the alternate member.

The final member is Dr. Ioannis Vakalas, Assistant Professor of Hydrocarbon Geology at the School of Mining and Metallurgical Engineering of the National Technical University of Athens, while Dr. Constantinos Tzimeas, Senior Exploration Advisor at Herema, is the last alternate member.

The committee secretaries will be Olga Theodora Kakkava, Legal Counsel of Herema, and Dr. Georgios Makrodimitras, geologist-sedimentologist and scientific advisor at the company. After the conclusion of the evaluation process, the firm will submit its advisory to the Ministry of Environment and Energy.

“The ITT process is being successfully implemented within the national and European institutional framework, Greece’s national commitments, and the relevant timelines. The evaluation committee established by the Herema board of directors will thoroughly review the submitted bids, always taking into consideration the public interest,” added Stefatos.