OUR NEWS
Two new lease agreements for hydrocarbon exploration and production in the Ionian Sea
15.04.2019

(L-R) Group Strategic Planning & New Activities General Manager and Executive Member of the BoD at Hellenic Petroleum Mr. George Alexopoulos, Director of Global New Ventures at Spanish company Repsol Mr. Mikel Erquiaga, Environment and Energy Minister Mr. George Stathakis, President and CEO of HHRM SA Mr. John Bassias, Chairman of the BoD and CEO of Hellenic Petroleum Mr. Efstathios Tsotsoros.

 

Two new lease agreements for exploration and production rights in the Ionian Sea were signed by Hellenic Petroleum SA and the Hellenic Republic on April the 9th at a ceremony held at the Ministry of Environment and Energy.  

The first agreement applies to the offshore 'Ionian' Block south of Corfu, where Hellenic Petroleum is in joint venture with Repsol, while the second one refers to 'Block 10' in the Kiparissiakos Gulf with Hellenic Petroleum as sole operator.    

The lease agreements were signed by Environment and Energy Minister Mr. George Stathakis, President and CEO of Hellenic Petroleum Mr. Efstathios Tsotsoros, Group Strategic Planning & New Activities General Manager and Executive Member of the BoD at Hellenic Petroleum Mr. George Alexopoulos, Repsol Director of Global New Ventures Mr. Mikel Erquiaga and President and CEO of HHRM SA (Hellenic Hydrocarbon Resources Management S.A.) Mr. John Bassias.

The event was attended by Deputy CEO and Group CFO of HELPE Group Mr. Andreas Shiamishis, representatives of the Spanish Embassy in Athens, Greek former Energy Minister Mr. John Maniatis, as well as the Ionian Islands Prefect Mr. Theodore Galiatsatos, Western Greece Prefect Mr. Apostolos Katsifaras and Peloponnese Prefect Mr. Petros Tatoulis

Commenting on the new lease agreements, Environment and Energy Minister Mr. George Stathakis said that the outstanding agreements for the two offshore blocks south and southwest of Crete are to be signed this summer in Chania by the consortium of ExxonMobil, Total and HELPE, and was quoted as saying: "A big round of lease agreements for the exploration and production of hydrocarbons is now closing. We will get a safe preview of the accurate amount of hydrocarbon resources in two to four years", adding that Greece is in the crossroads of energy developments in the Eastern Mediterranean region and has now assumed a high profile international role.   

From his side, Chairman of the BoD and CEO of HELPE Mr. Efstathios Tsotsoros emphasized the strategic importance of the company's joint venture with Repsol and the consortiums with Total, ExxonMobil and Edison, which highlight the trust of the global energy community towards the Hellenic Petroleum Group and acknowledge our country's repositioning on an international level. According to Mr. Tsotsoros, with the closing of this round of lease agreements, the Group will have implemented the biggest part of its development programme portfolio in Greece, as it will be part of 9 out of a total of 12 lease areas. "We shall work methodically, consistently and transparently, with the highest concern for the strict protection of the environment, aspiring to contribute to the realistic transition from the 'myth' of immense resources to 'reality'", he added. 

"After many years of inactivity, the hydrocarbon exploration has been relaunched in Greece. The international interest in the recent submission of tenders has been remarkable, given the relatively low oil prices as well as this new hydrocarbon potentiality of our country", pointed out Group Strategic Planning & New Activities General Manager and Executive Member of the BoD at Hellenic Petroleum Mr. George Alexopoulos. Meanwhile, he stressed out the "significance of speeding up the procedures regarding the outstanding lease agreements for the offshore blocks west and southwest of Crete as well as that of maintaining a stable legislative framework ruling the hydrocarbon exploration and production in Greece".

The event was greeted by the Director of Global New Ventures at Spanish Repsol Mr. Mikel Erquiaga as well as the CEO of the Hellenic Hydrocarbon Resources Management S.A. (HHRM SA) Mr. John Bassias.

The Environment and Energy Minister and the Chairman of the BoD and CEO handshaking, following the signing of lease agreement for Block 10 in Kiparissiakos Gulf.

(L-R) Ionian Islands Prefect Mr. Theodoros Galiatsatos, HELPE President and CEO Mr. Efstathios Tsotsoros, Peloponnese Prefect Mr. Petros Tatoulis, Environment and Energy Minister Mr. George Stathakis, MP for Argolis Prefecture and former Energy Minister Mr. John Maniatis and Western Greece Prefect Mr. Apostolos Katsifaras.