From past to present
In 1975, Public Petroleum Corporation (DEP S.A.) was founded. Having international-level infrastructures and highly educated and technically trained personnel, it systematically explored twenty 6 (26) hydrocarbon potential areas in the country, over a period of twenty (20) years. In 1986, DEP S.A. established a new company as a subsidiary, the Public Petroleum Corporation- Exploration and Production of Hydrocarbons (DEP-EKY S.A.). In 1996, DEP-EKY S.A. successfully launched the first International Licensing Round and four (4) Lease Agreements were signed respectively, in for four (4) in Western Greece, Ioannina, NW Peloponnese, Patraikos Gulf, and Aitoloakarnania, in 1998, under the umbrella of DEP S.A. and after the merger between the state-owned companies in the oil and gas industry (ELDA, ELDIHIMAK, EKO and DEP-EKY), Hellenic Petroleum S.A. is founded and is listed on Athens Stock Exchange.
In 2007, The State revoked all E&P rights from HELLENIC PETROLEUM by virtue of Law No. 3587/2007. From 2009 to present, HELLENIC PETROLEUM S.A. has participated in International Licensing Rounds of the Environment & Energy Ministry of Greece in collaboration with foreign companies and has been awarded hydrocarbon exploration and exploitation rights in: West Patraikos lease area, Arta- Preveza and NW Peloponnese lease areas, Block 2 (West of Corfu), Block 10 in Kyparissiakos Gulf, West and Southwest Crete Blocks and the Block “Ionian” in Ionian Sea.
Establishment and Purpose of HELLENiQ UPSTREAM
In 2015, HELLENiQ UPSTREAM Single Member S.A. (HELLENiQ UPSTREAM S.A.) is founded, a wholly-owned subsidiary (100%) of HELLENiQ UPSTREAM Holdings Single Member S.A. The company’s vision is to develop activities and execute projects that involve every phase of the industry of hydrocarbon exploration and exploitation (upstream), as well as, to provide consulting services in related matters. HELLENiQ UPSTREAM S.A. personnel consists of highly skilled, qualified scientists, with international experience in the oil and gas industry.
Over the years, HELLENiQ UPSTREAM S.A. has created a very promising portfolio of selected blocks in the Greek territory, where it is estimated that there are possible commercially exploitable deposits of hydrocarbons.
All exploration activities are carried out with respect to the values of sustainable development, carrying high consideration towards the environment, in cooperation and alignment with the local communities.
Vision of HELLENiQ UPSTREAM
HELLENiQ UPSTREAM S.A. strategic vision is to carry exploration and production activities that will benefit both the country and the local communities. The company, being a member of the Group, operates with utter respect towards the environment as well as towards the local communities and their activities. All exploration activities regarding the development and production of hydrocarbons are governed by a strict regulatory framework in order to minimize the environmental footprint of the related operations.
HELLENiQ UPSTREAM activities in Greece
- Block 10 (Gulf of Kyparissiakos)
The Group has E&P rights, as Operator 100%, in the offshore ‘Block 10’, Kyparissiakos Gulf. The Lease Agreement was ratified by the Greek Parliament on October 3rd of 2019 (Act of Law 4630/10.10.2019). In January 2022, a 2D seismic campaign of 1.200km was performed, as part of the minimum work program of the 1st Exploration Phase. Seismic operations were successful, with zero environmental footprint and full respect for the local communities, taking all the essential protection measures, based on the EU and national legislation, as well as the good industry practices. Processing of the new seismic data is in progress with the interpretation to follow.
- Ionian Block (Ionian Sea)
The Group has also E&P rights, as Operator 100%, in the offshore “Ionian” block, in Western Greece. The Greek Parliament ratified the Lease Agreement on October 3rd of 2019 (Act of Law 4629/10.10.2019). In February 2022, a 2D seismic campaign of 1.600km was performed, as part of the minimum work program of the 1st Exploration Phase. Seismic operations were successful, with zero environmental footprint and full respect for the local communities, taking all the essential protection measures, based on the EU and national legislation, as well as the good industry practices. Processing of the new seismic data is in progress with the interpretation to follow.
- Block 2 (West of Corfu) -offshore
The joint venture consisting of Energean Hellas Ltd. (75% operator) and HELLENiQ UPSTREAM West Kerkyra S.A. (25%) has exclusive hydrocarbons exploration and exploitation rights in the offshore block 2, west of Corfu. The Greek Parliament has ratified the Lease Agreement on March 15th of 2018.
- West Crete and Southwest Crete -offshore
The Group has also E&P rights, with 30% interest, in two (2) offshore blocks in Crete, ‘West Crete’ and ‘Southwest Crete’, together with ExxonMobil Exploration & Production Greece (Crete) B.V. (70%, Operator). The Greek Parliament ratified both Lease Agreements on October 3rd of 2019 (Act of Law 4628 and 4631/10.10.2019).
The joint venture HELLENiQ UPSTREAM Sea of Thrace S.A. (25%) and Calfrac Well Services Ltd (75%) has hydrocarbon exploration and exploitation rights in the concession area of the Sea of Thrace, in North Aegean.
- Block 1 (North of Corfu) -offshore
For the offshore area 1 (Block 1) of Ionian Sea, north of Corfu, the Group has submitted an offer and awaits the decision of the Competent Authority.