Why Chevron’s Move Into Greek Waters Has Ankara Watching Closely
Chevron's move into Block 10 of the Southern Ionian Sea is reshaping the energy and geopolitical map of the Eastern Mediterranean, according to Dr. Charles Ellinas, Professor of Energy Policy and Senior Fellow at the Atlantic Council.
Ellinas argues that Chevron, already operating the Leviathan and Tamar fields in Israel, the Aphrodite field in Cyprus, and the Narges field in Egypt, is now building a continuous exploration corridor across more than 60,000 square kilometers of Greek waters. Together with HELLENiQ Energy, the American major holds Block A2, two blocks south of Crete, a block south of the Peloponnese, and now Block 10. The result is a single, uninterrupted exploration zone entirely within EU waters, which significantly lowers geopolitical risk for the company compared to its Middle East assets.
American oil majors effectively underwrite Greece's offshore strategy, creating an indirect geopolitical shield against Turkish maritime claims.
That geographic positioning matters beyond the energy sector. With ExxonMobil already active in the Ionian and western Greece, and Chevron now covering the south and west offshore, American oil majors effectively underwrite Greece's offshore strategy. Ellinas says any future tension in the area no longer concerns only Athens and Ankara but directly touches American and European commercial interests, creating an indirect geopolitical shield against Turkish maritime claims.
Block 10 is already in its second exploration phase. HELLENiQ Energy has completed extensive 2D and 3D seismic surveys, meaning Chevron takes over as operator with 70% of the concession and can skip straight to advanced target identification. A drill is scheduled for the second quarter of 2028.
Ellinas does flag real obstacles. Commercial viability may prove harder than finding gas, he notes, pointing to Cyprus as a cautionary example. Deep water, absent infrastructure, uncertain European gas demand after 2030, and the constant risk of Turkish maritime pressure are all factors Greece will need to manage carefully.
If discoveries prove commercially viable and Greece can keep the legal and political environment stable, Ellinas believes the country could emerge as a major Eastern Mediterranean gas producer by the 2030s.
