Hellenic Petroleum terminates hydrocarbon exploration on mainland Greece

Hellenic Petroleum is terminating the research programs for the discovery of natural gas and oil deposits in mainland Greece.

The group made its decision known to the Hellenic Hydrocarbon Management Company (EDEY) and essentially returns the two concessions it had leased to the public.

HELLENIC PETROLEUM SA announces that it has notified the Hellenic Hydrocarbon Resources Management Company about its intention not to proceed with further exploration activities in the onshore areas of “Arta – Preveza” and “NW Peloponnese”. As a result, the hydrocarbon exploration and production rights that were granted to the HELLENIC PETROLEUM Group subsidiaries, following an international tender, are now returned to the Hellenic Republic.

At the same time, the Group is now focusing its efforts on identifying potential economically viable hydrocarbon resources in the offshore areas of its portfolio. In this regard, it continues to look for reliable partners with international reputation, technical know-how and expertise, as well as the required financial capabilities for such ventures.

The offshore areas of its portfolio include the “Ionian” where it is looking for a partner after the departure of Repsol, the “Gulf of Patras” where it is conducting research with Energean and the two offshore plots “West of Crete” and “Southwest of Crete”. In these two concessions it participates in the joint venture with the multinationals Total and ExxonMobil.