Chevron Expands Global Energy Footprint with New Projects

The international energy giant Chevron is accelerating its growth strategy across multiple continents. Recent developments in Greece, Venezuela, and Libya are significantly expanding the company’s access to new hydrocarbon resources, though the timeline for converting these opportunities into operational projects remains a key consideration for investors.

Strategic Entry into the Eastern Mediterranean

A Chevron-led consortium has signed exclusive lease agreements to explore for natural gas in four deepwater blocks off the coast of southern Greece, according to reports. The exploration areas, covering approximately 47,000 square kilometers, are situated south of the Peloponnese peninsula and the island of Crete.

This agreement follows an international tender won by Chevron and Hellenic Energy back in October 2025. Before seismic studies can commence later this year, the leases require final approval from the Greek parliament. This move aligns with broader European energy security efforts, reigniting Greece’s search for domestic gas reserves as the EU reduces reliance on Russian supplies while still classifying natural gas as a transitional fuel.

Regulatory Shifts Ease Path in Venezuela

Separately, Chevron’s operations in Venezuela have received a substantial boost from U.S. regulators. The Office of Foreign Assets Control (OFAC) issued two new general licenses last Friday, marking what analysts describe as the most significant easing of Venezuela sanctions since the removal of President Nicolás Maduro by U.S. forces last month.

General License 50 authorizes Chevron, along with BP, Eni, Shell, and Repsol, to conduct oil and gas operations within the country. These firms, already present as partners with the state-owned PDVSA, must process any license fees and taxes through the U.S.-controlled Foreign Government Deposit Fund.

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Going a step further, General License 49 permits companies globally to negotiate contracts with PDVSA for new oil and gas investments. However, such deals remain contingent on separate OFAC approvals. The license explicitly prohibits transactions involving entities based in Russia, Iran, or China. A Chevron spokesperson welcomed the licenses as “important steps” to develop Venezuelan resources and support regional energy security.

North African Expansion Gains Momentum

In North Africa, Chevron secured a position in Libya on February 11. The company was named the winning bidder for Contract Area 106 in the Sirte Basin as part of the Libya 2025 Bidding Round. This award followed a Memorandum of Understanding (MoU) signed with Libya’s National Oil Corporation on January 24.

The final grant of the contract is contingent upon the signing of a Production Sharing Agreement. Chevron also reported an additional MoU in Syria during February, signaling a broader strategy to strengthen its regional presence.

For shareholders, the immediate focus shifts to a key date this week: the ex-dividend date for the company’s quarterly dividend of $1.78 is tomorrow. In the previous trading session, Chevron shares closed at $183.74.