Chevron expands Mediterranean presence as Citgo sale faces delays

Chevron is expanding its offshore exploration footprint in the Eastern Mediterranean. Following an agreement with Greek Environment and Energy Minister Stavros Papastavrou, the Houston-based company plans to begin seismic research in Greek waters later this year. This move follows the award of four offshore leases to Chevron for oil exploration around Greece. The company already maintains assets in the Mediterranean, including gas-producing fields in Israel and Cyprus, as well as exploration blocks in Egypt and Libya.

Separately, the fate of Citgo Petroleum remains uncertain following a Delaware federal court order to sell the company to Elliott Management and Amber Energy to settle Venezuelan government debts. While the sale was intended to provide $9 billion to creditors, the U.S. Treasury Department has extended Citgo’s protection from the sale six times since January. Despite previous support for the sale from Energy Secretary Chris Wright, the interim Venezuelan government continues to oppose the transfer of the asset, creating geopolitical uncertainty regarding the final approval of the transaction.