Chevron makes another breakthrough as Greece approves natural gas exploration led by the company in the southwestern sea, accelerating U.S. investment in the Mediterranean region

(1) On Monday, the Greek Ministry of Energy stated that it had approved Chevron's request to take over 70% of the interest in an offshore block in the southwest of the country from Helleniq Energy, with Helleniq retaining 30%. This move further expands the presence of the American oil giant in the Mediterranean. (2) Last month, Chevron submitted an application to become the operator of an offshore block in the southwest of the Ionian Sea and lead natural gas exploration work. The Greek Ministry of Energy said in a statement that all approval procedures have been completed, and Chevron will officially take over the block in the coming days. (3) A consortium led by Chevron had previously signed an exclusive lease agreement to lead natural gas exploration in four other deepwater blocks in Greece.